SPX and Oil's topping out. Today in Trading - 4-19-2016

We made this video Sunday, but it is where we called for the exhaustion of the CL / SPX / ES / RUT / NDAQ and a few others this week. Can be seen here. Usually we take tickers from the community live on the YouTube stream so if you guys have any questions always welcome to tune in live.

WTI Crude chart from 4/6/2016. As explained in the video the beginning of the year is buying season for oil contracts, and without and good fundamentals to support a longer term bullish trend, the breakdown of the Doha talks, and Iran and now Russia both commenting on increasing production, WTI we are bearish on going forward as the price stabilizes in the mid 30's to upper 40's at maximum through the summer, but if the SPX pulls back hard oil could take the same path.

SPX from 4/12/2016 was when we called for a 2098 pop-top exhaustion led by a few things, the target coincides with a major long term resistance we had been speaking about in our videos for a month, it's also a 50% fib extension from the last consolidation break. $NDAQ took a hard move to the downside early in the morning led by the FANG's which was a leading indicator of weakness to the bull trade. Coupled with the worsening factors in the economy such as unemployment up, retail sales down, new builds for homes down, nothing is exactly looking bullish. This move up is old bears covering longer term shorts as part of this $1 trillion open short interest that is looming above the market. These upper targets are going to be battles every step of the way and a clear path to new all time highs won't be so easily obtained as the first week in May is only a few weeks away. Historically this is known to be when corrections on bull moves happen. Ultimately a healthy retracement will see the SPX back into the 2050's at least. Short term bearish on SPX as it moves out of overbought territory and old bears are resetting their shorts at these higher spots

We'll try to keep these calls coming as we always do, trying to give a callout for both the bull and bear case on a daily basis before they happen. And if you'd like me to give some technical / fundamental analysis on any securities in particular just post them up.

Happy trading friends.

Submitted April 19, 2016 at 09:44PM by DTPMatt http://ift.tt/1SsdPlC