As global equity markets continue a strong move higher into Options Expiration week, something seems to be missing. Options expiration will likely provide the impetus for the major equity indices to test or record all-time highs.
Speaking of short-term, here is a chart of Crude Oil that highlights the recent chop lower from the August highs even as equities near new highs. And considering that Crude Oil prices peaked in late August, I thought it would be a good idea to put up a weekly chart for some perspective (see below).
Zooming in on the weekly chart for Crude Oil, my eyes are drawn to the nasty reversal candlestick recorded in late August; that long wick foretold the recent rough patch in Crude Oil prices. In fact, Crude Oil has been mired in a steady grind lower, unaffected by the wild swing in equities.
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