ITZ takes a look at two cahrts this morning, the S&P500 8 hour & the NYMEX crude oil. Apple missed estimated earnings and is selling off, but BA & CAT beat, bullish for the $SPX.
The S&P500 has been in an ascending channel with 1350 & 1330 support trendlines. The chart looks bullish near term and ITZ like trading via Proshares UPRO around $44.50.
click chart to expand image
WTI Crude Oil sold off the last several weeks and has set up and Inverted Head & Shoulders pattern. ITZ was looking for a throwback to the neckline around $89, we got $88. Lets see if a rally in the S&P500 can push oil higher. Trade WTI crude oil via Proshares UCO around $29.50
See Update On Position Below In Comments