There were large gaps in the energies on Monday due to attacks on Saudi Arabia’s oil production infrastructure. Crude futures gapped up almost 7.00 per barrel and rallied another 2+.
Equities gapped down but had little follow through. Gold and silver gapped up with little follow-through as well but holding gains.
I expect lots of back-and-forth in prices over the next couple of days as the market absorbs these large moves.
- GC: Starting to feel like another period of extended consolidation.
- SI: Oversold – up movement or extended consolidation now?
- HG: Bull trap.
- ZB: Oversold – likely starting to enter a period of extended consolidation.
- ZC: Approaching overbought zones on oscillators
- ZS: Stalling out right under weekly BO levels. If it moves above these levels, could have a large multi-week move.
- CL: Upside breakout on news.
- HO: Upside breakout on news.
- EMD: Railroad tracks just under resistance levels.
- ES/NQ/YM: Consolidation just under resistance levels.
- EC: Short scalps intraday only.
- CD: Retesting its breakout levels.
- BP: weekly grail sale.
- RU: At resistance – short?