For the past few years West Texas Intermediate Crude (WTIC) oil and the S&P 500 have trended together and have hit key highs and lows around the same time window. WTIC is now within 1% of the top of its multi-year pennant patternwhich has brought on short-term S&P 500 corrections. What does that mean for the future direction of the S&P 500 this time round?
So writes Chris Kimble (http://blog.kimblechartingsolutions.com) in edited excerpts from his original post* entitled What Crude oil is suggesting the 500 index will do next is?.
When looking for short-term clues to the market, Crude is now within 1% of the top of its multi-year pennant pattern which has brought on short-term S&P500 corrections.
Watch Crude on a micro basis up here for some short-term ideas of where the 500 index will head!
(Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.)
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