Yeah i wonder when we will visit that island again. I reckon we will test 14000 again first personally and maybe head lower first. I can see a long long duration of sideways action ahead.
Daily chart CL already parabolic... and Weekly chart is setting up for a short squeeze now, with the monthly potentially moving to short squeeze as well. As long as CL trading above 96.09 this still a long. We would need to trade below that to invalidate weekly short squeeze setup. I don't have a macro reason, besides the obvious ones, but the charts are saying someone out there is seriously buying for a reason and that's good enough for me. Actually going to be intra-day trading CL more I think as opposed to NQ/ES. Easier to trade something clearly trending, while ES/NQ is barely meeting minimum requirements for higher and not yet breaking down, due to this I am unable to find a super strong directional edge I am confident in, so I'd rather wait for it to be clearer and trade CL in mean time.
What else do you need though? that's a serious question. You already know Russia is invading Ukraine.... I assume right? You just told me to shove my TA, so that must mean you're at least competent in TA right? Therefore you would see the short squeeze potential on larger charts right? Now you have TA + a news catalyst event. Yet you want to sit here and get smart with me. Don't understand that man. FYI CL is up like over 0.80 cents since your comment even. Anyways have a good night and trade well tomorrow.
Another $1.00 move up on CL since made my last comment.... Ok you get the point sorry to others for my multiple post regarding this, but the guy rude to me for no reason and to top it off CL rallies after he gets smart.
I think the point of the question was............ Generally speaking, as oil prices increase, that has a negative effect on the indices. Therefore, I assumed @wiesman02 was asking, what macro factors might there be that are overcoming this generally negative bias. (negative bias on the indices not CL) I could be wrong tho.