The Covid Crash was like a reset on all assets and ever since,
USO
has been outperforming the
SPX
.
The ratio peaked on mid-June and it looks like is actullay forming a head & shoulders top.
This is bullish for stocks as I think the indexes already bottomed (in mid-June). But remeber, is not confirmed until the breakout on the neckline happens.
USO
has been outperforming the
SPX
. The ratio peaked on mid-June and it looks like is actullay forming a head & shoulders top.
This is bullish for stocks as I think the indexes already bottomed (in mid-June). But remeber, is not confirmed until the breakout on the neckline happens.
This is not good for stocks in general.