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James Stanley, senior strategist at DailyFX, observes that although crude oil prices are rising, equities have not shown a significant reaction so far.
Stanley suggests that unless Treasury yields increase and present a real opportunity cost, panic-driven sell-offs in the stock market are likely to be short-lived pullbacks. He points to NQ as a key technical level that could influence near-term market sentiment. Tickers mentioned include CL and SPX.
Stanley recently analyzed gold's movement following PPI data and identified resistance near 4,100 and 4,200 as bullish momentum increased, according to a previous report. He also highlighted the Nasdaq's test of support near 26,000 as earnings from TSLA and GOOG approached in his earlier coverage. These developments come as Stanley continues to monitor key technical levels in major markets.