WTI Crude Oil Holds Strong Support at 8000/7950; S&P 500 Bulls Remain in Control

 

WTI Crude MAY Future:

  1. WTI Crude held above strong support at 8000/7950 and unfortunately we did not get a buying opportunity here yesterday. Longs here today need stops below 7900.
  2. We shot higher to my targets of 8180/8200 and almost as far as 8255/75, with a high for the day at 8248.
  3. Further gains are expected in the 4-month bull trend and above 8290 look for 8370/90 as the next target.
  4. Today’s support is at 8140/8110. Longs need stops below 8070.
    Targets: 8200, 8240, 8290.

Emini S&P June Future:

Emini S&P: bulls remain in control, with buying the dips still the winning strategy, despite the market looking tired and I believe entering an overdue sideways consolidation.

  • Further gains are expected on the bullish breakout, targeting 5221/24 and 5338/42.
  • Obviously, I remain a buyer on any weakness in the unstoppable bull trend.
  • First support at 5245/35. Longs need stops below 5225.
  • The best support for this week should be at 5195/85 and longs need stops below 5170.

Trade Ideas

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