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Good Wednesday Morning, MPTraders! July 22, 2017-- Pre-Market Update:Today's session will be all about Oil Prices, the reaction of the indices to Oil prices, and the runway to big tech Earnings Reports from TSLA, GOOG, TXN, and NOW after the close...First Up: September Oil prices are climbing, which shouldn't be a surprise considering we have been discussing the bullish pattern potential for a run to 93-95 since last Friday... September Crude Oil is up more than $3/bbl and nearly 4% this AM, hitting a 6-week high at 88.61 so far as the advance from the 7/02/26 low at 66.
Before SpaceX traded a single share publicly, I published a target zone of $225 to $240 for where the post-IPO advance would likely end.The stock topped at $225.61.I wrote that original piece hedged in every direction I knew how to hedge. I called it a thesis offered as a question, not a verdict. I said the wave analogy was an adaptation rather than a textbook application. I flagged that the projection math was exquisitely sensitive to where you place the launch point — move it one shelf and the answer swings enormously.
The market is trading flat on the day after moving down at the open and then back up in the afternoon. We are still trading under resistance, and the action up off of the low still remains corrective in nature. This action keeps the parameters I laid out yesterday unchanged, and as long as we continue to remain under resistnace my base case is still that we will see this resolve lower before breaking out to new highs.
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