OIL: Target hit

Finally hit the $82 target here on Oil. Took awhile to break through the resistance but that was the target on the structure.

This week

Still away in beautiful California but here is an update





The S&P 500 broke through the 78.6% Fibonacci retracement of its push down from the January highs, which now suggests a retest of the previous highs is coming. \

One of the stronger signs in the market currently is the action of the Russell 2000, which is the one major index that has broken out to fresh highs. When the small caps lead, it tends to be a bullish sign on the short term.

Watch for a retest of highs by the Dow, NASDAQ and S&P and see how that test acts. If we fail to break with good volume, it may be a double top, strong small caps or not.

watch early weakness Monday for a buying op that carries over from last week's strength.

Wednesday - Pause

We have now reached the 78.6% Fibonacci retracement of the swing down since mid-January, and have back to back pause days there. this sets the market up for a put up or shut up move. Either we continue the grind it higher, or the bulls are rebuffed and we swing back to the downside. More sideways congestion is also possible, but not probable since we are at a key inflection point.

We may be on hold until after the Job Numbers either way, which are set to be released pre-market on Friday, March 5th. Will this number really make a difference?

Resistance

1125 is currently resistance-

Will be traveling tomorrow till next week tuesday

Broken

Here we go broken higher. Now the close is important as the last few times we have broken during the trading day but not closed above the resistance area.

Oil

Now over 80.30 need to break that 80.44 though.
Ben watching this thing like a hawk for the last 3 weeks

Oil

Well will this thing get to my $82 or not- $80 seem to have alot of selling pressure but I believe this is preview of Oil busting higher. I could definitely be wrong