SPX500/USOIL: Spread is reaching critical mass
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This has happened right before the last two crashes, and when the spread closed, a bottom (and a great long opportunity) formed. Watch this closely, the writing is on the wall. I'm holding SPY shorts, as well as oil, for the time being, expecting considerable downside in the short term. I think the catalyst will be on Friday, after NFP solidifies the rate hike fears.
See related ideas for more information. Please leave your comments or inquiries below.
I'll be making a live presentation this Friday, before NFP. Be sure to attend, I'll publish the link in this publication's updates.
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
See related ideas for more information. Please leave your comments or inquiries below.
I'll be making a live presentation this Friday, before NFP. Be sure to attend, I'll publish the link in this publication's updates.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Nota
Check the related ideas to see how technical analysis was used to decipher this top in S&P.We had the Yen, Nikkei, Gold, S&P/Gold ratio warning us first, then more hints from this spread, Dow/Snp ratio and finally, the drop started in SPY.
Nota
One side had to give, in this case it was oil...looks like more upside is in store for both instruments.Nota
Looks like this spread will close.Nota
I'd simply focus on shorting SPX at this point, the long oil position should have been closed already.Nota
Long oil should be fine for now.
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