Crude Oil Could Be Peaking Here, Impacting Stocks

by Kimble Charting

Crude Oil and the S&P 500 peaked last fall together and bottomed at the same time in December. Could they both be peaking together again this week? Joe Friday suggests keeping a close eye on the Crude Oil pattern this week.

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Crude and the S&P both created topping patterns at each (1), then both fell over 15%.

Crude and the S&P both created bottoming patterns at each (2), then both rallied over 15%

Crude and the S&P are both testing resistance levels at each (3).

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Joe Friday Just The Facts Ma’am– Crude Oil could be creating a bearish reversal pattern (bearish wick) while testing resistance this week. If Crude would turn lower from current levels, it could influence stocks to do the same.