As the stock market closed another week of trading, we found the S&P 500, Nasdaq, QQQ, XLF, XLE, and the USO still stalled at major trend lines.
The exceptions are the VIX and VXX which are sitting on major support. Expect sudden moves in both directions to be coming soon. The reality is that the prop the market coalition cannot afford for all these indices to rollover at the same time as it would be damaging to the stock market in both the short term and long term. Keep an eye out for interventions in the overnight oil futures sessions.
Trade well my friends
Alan
