One of the crazier days in the market this year – Oil down a shocking -9%, Silver down another 12%, gold down 3%, and you have on your hands a nasty, nasty day in the market, that was plagued with huge intraday swings. To say the least – I am exhausted after a day like today, especially, since I finished down overall on the day. But hey – you live to trade another day.
But going into tomorrow – here is what you need to be focused on, and that is the 30 minute chart on the S&P futures, and it provides a very clear picture with where we are going. We are in a steep descending channel, and in order to break it, we’ll need to see a move that takes price out of the upper channel. And this selling, it’s worth noting, all began on the news of Osama getting killed. But overall, things looked to have capitulated today with the massive commodities crash we saw.
Here’s the 30min Chart on the S&P.