StockFetcher Forums · General Discussion · Intraday Trend Watch: S&P 500<< 1 ... 25 26 27 28 29 ... 30 >>Post Follow-up
nikoschopen
2,824 posts
msg #63092
Ignore nikoschopen
5/28/2008 12:19:08 PM

Now that I'm short USO, I'm noticing that there's a direct correlation between the equity and the oil market. Well, only in reverse. Whenever the oil rises, S&P would dip and vice versa. It's downright stupid considering that the equity market didn't panic when the oil broke above $100. Why is it freaking out now?

johnpaulca
10,088 posts
msg #63103
Ignore johnpaulca
5/28/2008 3:54:20 PM

VIX tested support of the lower BBands today, should see more downside in the next few days. Gold should have a nice day tomorrow.

nikoschopen
2,824 posts
msg #63107
Ignore nikoschopen
5/28/2008 4:19:32 PM

As soon as the oil market shut down for the day, the opportunistic bulls came out in full force and pushed the market up. How fitting!

JP, you need only flip GLD on its head to see that it trades in tandem with S&P. They're ALL screwey in my not-so-humble opinion.

nikoschopen
2,824 posts
msg #63124
Ignore nikoschopen
5/29/2008 1:35:26 PM

So far, S&P is trading in lockstep with the oil market (check out USO). At some point, however, the market will need to step back and say "screw you, it's my way or highway!"

nikoschopen
2,824 posts
msg #63125
Ignore nikoschopen
5/29/2008 2:50:06 PM

It looks like the highway is what they'll choose and it's going to raise some nasty eyebrows from the bull camp.

Currently, the Spooz is testing the SMA(50) on the 5-minute chart. Will it stay afloat? If it slips and fall from here, it's gonna be one long highway down to hell.

nikoschopen
2,824 posts
msg #63126
Ignore nikoschopen
5/29/2008 2:57:35 PM

My rationale that we'll go lower into the close is that for the last two days the bulls pushed up the equity market as soon as the oil market closed shop. Now the latecomers will come rushing in to exploit the same pattern, but it's usually at this time when the big boys usually opt for the crash and burn method.

nikoschopen
2,824 posts
msg #63127
Ignore nikoschopen
modified
5/29/2008 3:32:13 PM

A sign of the times or just another tall tale?

S&P 500 Futures (ESM8) 5-Minute

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nikoschopen
2,824 posts
msg #63147
Ignore nikoschopen
5/30/2008 1:53:12 PM

S&P 500 Futures (ESM8) 5-Minute

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nikoschopen
2,824 posts
msg #63148
Ignore nikoschopen
5/30/2008 1:59:41 PM

And 5 minutes later...

S&P 500 Futures (ESM8) 5-Minute

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nikoschopen
2,824 posts
msg #63149
Ignore nikoschopen
5/30/2008 2:09:22 PM

After 15 minutes, not only did it retrace back into the larger channel (red), but stopped right at the ascending lower channel (blue).

S&P 500 Futures (ESM8) 5-Minute

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