Markets sold off again on Friday.
Oil appears to have stabilized just above $100 per barrel.
The Russian offensive against Ukraine appears to have slowed. The latest report says Russia is now asking China for assistance. This war could take some time.
Until we have some resolution, expect oil prices to remain high.
The market is looking ahead to the Fed… (see below)
The trend is pointing down on all the major indexes. But as long as the VIX remains below 35 I believe the short-term bottom will hold.
Futures are up slightly this morning. I expect the news will drive the market this week.
Worth noting that bitcoin has found support just below $40,000.
The Fed’s FOMC meeting is this week.
Powell will speak on Wednesday afternoon and the markets will hang on every word he says. It could be muted action leading into this speech…
Also, St Patty’s Day is Thursday, historically a strong green day for the markets.
I don’t trust any rally ahead of Powell’s speech though.
*SGLY has resistance at $8
CVI is on watch
TH is on watch
HDSN has support at $5, resistance at $6
AMPY has resistance at $6.25
AMPH is on watch
LNTH has resistance at $53
PBF has resistance at $26
^CTIC has support at $4.50
LXU has support at $20
FLR has support at $28