News:
Russia continues to bomb and kill civilians in Ukraine. The west is still doing what it can while refusing to stop him.
Western companies have stopped going business with Russia and there are now talks of banning Russian oil from the international marketplace.
On that news, oil spiked to $125+ per barrel. Gas prices reached an average of $4 in the states. These are some of the highest levels on record.
Gold is moving up topping $2,000 per ounce, while bitcoin has moved down after failing to break through the resistance level I called out last week. The Ruble has lost 50% of its value since the invasion began.
Friday’s jobs report was blow-out good news, that the market failed to rally on. This is a bearish sign.
Technicals:
Futures are trading deep in the red this morning. But not quite falling off a cliff.
I’ll be watching for bottoming signals today, I don’t see any just yet.
Timing:
It’s the third week of Russia’s war against Ukraine. There is no clear end in sight.
The FOMC is now next week. Interest rate hike decision time! This event is likely to cause volatility until it passes.
Hot sectors to watch are energy and food.
Watchlist:
*MXC is on watch
*INDO is on watch
*KLXE is on watch
*MARPS is on watch
*CRYN has resistance at $7
*IPI is on watch
*ARCH has resistance at $155
SD has support at $15
CRESY is on watch
CENX is on watch
JAZZ has resistance at $155
TALO has support at $18
FTK has resistance at $1.80
LNTH has resistance at $53
CTIC has resistance at $4
SQM is on watch
KR is on watch