7/5 Recap. Oil Crash & Markets Rejoiced.

The chart of the day is oil, it finally broke the uptrend its been in since the Russian invasion of Ukraine. Now it hasn’t confirmed the breakdown on the weekly yet, but this is the first close on the daily below that uptrend. I fully expect stiff resistance going forward to get back through that uptrend line. Fitting this comes a few days after we get the WTI $380 call from JP Morgan. Lower oil prices are good for all of us as consumers, its good for inflation, and I don’t think its harsh to say oil falling is a good thing.