Today, we'll look at technical charts for crude oil and the benchmark S&P 500 (^GSPC) stock index. Traders would be wise to buy crude oil on weakness and be buyers of the S&P 500.
Below is the chart for crude oil. We remain bullish on this commodity.
There is support down in the zone from $49.30 to $47.80, and pullbacks to that area are a good place to buy.
The S&P 500 tested support near 2105 late last week and held above that level. The trend in this market is upward, so we are bullish and prefer to be buyers. The line in the sand for bulls/buyers is that 2105.00 level. As long as the index remains above that level, it can move higher. If it goes below that level, it likely will fall toward support in the 2040 to 2065 range.
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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.