08Dec11:32 amEST

Behind Door Number One

On some level we are all crude oil traders now. 

Like it or not, this morning's (seemingly daily) fade on the indices off a strong open dovetailed with crude oil flipping back red, as seen on the updated USO ETF daily chart, below. That is not to say that equities are doomed here. But it does mean that there is a de facto lid on top on this market unless and until "black gold" can get out of its own way for a few days at least. The good news for oil bulls is that negative sentiment has built considerably of late, yet oil has not yet decisively breached the September lows. 

Still, we have made an extra effort with Members to not force in new traders of late despite how tempting it has been at times until this situation is cleared up just a bit. 

Two non-commodity relative strength names of note, both today and overall chart structure: CELH and PI. 

Isn't That Just Like a Pop? Stock Market Recap 12/08/22 ...

 
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