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In late December, I highlighted a few things from a weekend of charting that suggested improving risk appetite in equities, one of which was a potential bottom in crude oil. Today, I’m seeing the opposite, so I want to look at the near-term risk crude oil poses along with a few other things.
A break back below support would confirm a failed breakout and the continuation of the primary trend, which is lower. Given the positive correlation between crude oil and stocks since October, that would likely be a headwind for the overall market.
Optuma/All Star Charts
Another thing that complicates the current environment is the bond market, which recently confirmed a failed breakout and bearish momentum
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