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The Chartman

S&P Bear or Bull?

The ChartmanFOXBusiness

Is the S&P in bear or bull mode?  Hard to say, as all we’ve really seen is sideways action with a fairly tight range. The next strong move likely depends on which way this congestion is resolved: a downward break and we enter a bear run.  An upward break, and the bulls roam again.

It’s been hard to hold anything oil related, and (NYSE:XOM) is no exception.  But given that oil is down nearly 60% since last summer, the stock has held up pretty well.  I like to buy on strength with this one, so wait for an upward break before pouncing.

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I’ve never been a big gold fan, but I do think it’s a place to be if the world suddenly panics.  Is the chart below signaling that’s imminent?  Maybe, and a close above the downtrend line would get me long.

Back next week to see if the young guys (Wilson, Luck) but beat the old guys (Brady, Rodgers).

What do you think?

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