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May Crude Oil Update: What a difference a day makes!Yesterday morning at this time, May Crude was circling 87.00. Fast-forward 24 hours, we see May Crude circling 94.50 (+8.6%), and pushing up toward a challenge of the dominant resistance line off the March 8th post-war high at 118.00 that cuts across the price axis in the vicinity of 96.50 as we speak. If the resistance line is hurdled and sustained, May Crude will point to a full-fledged retest of the multiple price highs this past weekd in and around 100-101.65, which, if taken out, will trigger upside potential to 110-112 in and orderly market.
Last week, shares of Super Micro Computer (SMCI) fell after news broke that a company co-founder had been indicted for allegedly diverting AI servers to China. This week, a new shareholder class action lawsuit filed in California sent investors bailing once again. The headlines were dramatic. The selling was swift.But the chart had already seen this coming.What the News Appeared to ExplainOn the surface, the narrative writes itself. A co-founder indicted for allegedly rerouting AI hardware to China. A shareholder lawsuit following close behind.
I always find it a challenge when we have one pattern playing out in the SPX and another in the futures. As I write this, the futures have struck the support I noted over the weekend at 6360ES, and have seen a large rebound off that low. However, the SPX pattern seemed incomplete, which is maybe why we are seeing the lower lows in SPX, whereas this may only be a corrective b-wave pullback in ES. And, that is how I have it analyzed on the various charts.
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