Oil’s quick and dramatic price fluctuations can often signal an abrupt change in the overall economic trend.
Which takes us to the second chart…note that Oil has broken below its 20 day moving average. That’s not a good sign, because the 20dma acts as a firm level of support/resistance. However, the price fluctuation hasn’t been intense.
Keep in mind, the S&P500 is only off its record high by about 2.5%. Let’s see how it closes out the week.
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