Doug Sooley 
TECHNICAL ANALYSIS The major market indices have been in a schism since the summer lows. For decades now, the consensus axiom is to ‘never fade the blue chips.’ That said, the past years have proven that absolutely nothing adheres to ‘norms’ with fund managers continuously underperforming the general indices. The Dow Jones has continued to …
TECHNICAL ANALYSIS VIX Volatility Index Daily Candles The DJIA closed up 200 points on Friday to end the week a couple of points lower, just off the current closing high on the daily chart, set last Friday the 11th, at 33747.8. This area represents a 62% retracement of the entire bear move in 2022. The …
Crude oil futures (CLZ22) closed sharply lower on Thursday to set the lowest daily close since late September. The daily is starting to reach slightly oversold conditions and, at first glance, a case could be made for an inverted head and shoulders pattern. That analysis is quite a stretch realistically. The weekly chart is forming …
TECHNICAL ANALYSIS Dow Jones Industrial Average Weekly HLC The DJIA gapped higher on Monday and held rallies throughout the week, ending with a 5.72% gain with a rally of 829 points in Friday’s session. Prices are now up 14.4% off the recent lows as the weekly starts to turn up from slightly oversold conditions. The …
TECHNICAL ANALYSIS VIX Daily The DJIA closed the week up 1.6% in a whipsaw trade that saw the cash index hit a new intraday low for the entire decline from the highs…then testing the previous weeks highs, prior to losing ground on Friday to settle down 404 points. The S&P, Nasdaq and the FAANG all …
TECHNICAL ANALYSIS The US Dollar has nose-dived and spiked off the recent highs after prices pulled up just shy of the long-term monthly targets outlined in the last update at 11676/11939. The current intraday high print is 11477, set last Wednesday, and since then the market has swooned…retracing over 62% of the rally off the …
TECHNICAL ANALYSIS November soybeans (SX22) took a dive late last week to carry the contract to the lowest levels since early August. As the now lead contract on the weekly continuation, SX22 has taken spot prices to the lowest levels since mid-January of this year. The sharp breakdown on the weekly spot chart is opening …
TECHNICAL ANALYSIS Crude oil futures (CLZ22) closed lower on Friday the 30th, ending the month of September down $10.06 a decline of 11.24%. The DEC futures pulled up short of same targets in the 7276/7212 area before getting a bounce back above $80 mid-week before settlings just below that level Friday. On the weekly, the …
TECHNICAL ANALYSIS The DJIA saw a minor reprieve form the selloff in the critical timing window outlined in the last update and plunged again late in the week to close down 2.93% for the third straight week of steep declines on the weekly. For the month of September, the DJIA was down 8.84%…the worst monthly …
Crude oil futures (Z22) closed fractionally higher on Friday and settled week down just under $2 for the nearby futures. The near-term technicals are neutral while the intermediate-term still lean toward a bearish posture. December futures are flagging to the side of the most recent test of intermediate-term support against the 8173/7884 area. As outlined …
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