Crude Oil testing resistance, fear index testing support, says Joe
by Chris Kimble
Once Crude Oil (USO) started turning weak in 2014/2015, many stock markets around the world have struggled to move much higher.
Crude Oil hit support in February of this year and has rallied almost 50% off the lows and stocks have followed to the upside.
Joe Friday Just The Facts; What Crude Oil does at resistance above, could have a large impact on stocks going forward, as Crude is testing resistance and its fear index is testing support.
While many are focused on the jobs report this morning, I humbly feel what happens with Crude in the near future, will have a large impact on stocks a few weeks out. For stocks to break above 1-year falling resistance (lower highs), Crude needs to break out.
Courtesy of philstockworld.com