Oil’s heating up — and it’s not just the weather.
This morning, crude jumped after new threats from Trump aimed at Russia and Iran made headlines.
That kind of geopolitical tension tends to push oil higher, and today we saw it break above $70 — a level I’ve called out before as an important pivot.
Now the next level to watch? $72.50. If it clears that, it could open the door to a much bigger move up.
Meanwhile, stocks are still trying to find their footing after last week’s selloff.
The S&P 500 made a new low for the year this morning — just like I said was a possibility in Friday’s Market Radar session.
We’ve now tested a full 10% correction from the highs — and we’ve bounced a bit off that level.
That’s the same playbook we saw last time. The big question now is: can we climb back to the 38.2% Fibonacci retracement again like we did a couple weeks ago?
That retracement level — which comes from drawing a line from the recent highs down to the new lows — gives us a key target to watch.
If the bounce has real strength, that’s where it’ll want to go. If not, well… we might be in for more pain.
Either way, I’ll be tracking oil, the S&P, and the key technical levels traders are watching most closely.
Stay sharp,
—Geof Smith
P.S.This strategy targeting $100 per day has been 92% accurate on live issued trades!
