Energy has broken its relative performance downtrends vs. the overall market -a early indicator of continued out performance.
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As per Frank A. Delaney: Epiphany Trading's S&P Futures Analyst
ReplyDeleteSPH support level of 807 continues to hold (actual low was 797 yesterday, 801
today...the break of 864 showed a move to 807... See "Pre-Open" January 15, 8:57
AM) ).. Now what? Current price and volume activity shows a move to 780...look
to buy or cover and go long in the 775-785 area for a move back to 807.. OR, if
807 holds and we continue to trade above this level, buy in front of 807 for a
move back to 838-852 where you can set up shorts for a move back to 807...
The failure at 864 was the first signal a new longer-term down move was
beginning to develop... The second signal will be if the 807 level fails to hold
and we start trading below that level and cannot bounce back.
Brendan P. Byrne, President
Epiphany Trading, LLC
www.EpiphanyTrading.com