Oil gets the Biden-bounce, bullish pinbar on S&P futures

In today’ video we look at the potential for WTI to continue its bounce back above $80, then update yesterday’s analysis on the S&P 500 E-mini contract.

Charts (3)

Oil prices had fallen to a 7-week low by the start of the week, initially on concerns of weaker demand but then expectations that the US, Japan and China would tap into oil reserves to help lower prices and therefore inflation. Yet upon the US releasing just 50 million barrels, markets seemingly expected more. But there is also the growing expectation that OPEC+ will respond by lowering their output. And that could further support prices.

In today’s view we update our analysis with key levels on the daily and intraday charts. We also update yesterday’s analysis on the S&P 500 E-mini contract after it reached our initial intraday target.

 

Related analysis: How the S&P 500 has historically performed over Thanksgiving

 

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