MacroVoices #373 Ole Hansen: Commodities Update
Macro Voices
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The S&P 500: Will the Support Line Hold Hold?
The S&P 500 is testing the support line where almost all of the lows were established. This is a really important support line because if we find that oil finds support right in here and this becomes a buy zone, then we'll continue to support the idea that oil is already establishing a basing formation That may lead to bullish price action in the future. Now let's move on to the equities. I don't have any strong conviction on equities this week. When it does come, I think it's going to be at or below 3000 on the S&P.
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