Risk-off mode is still on with us causing indices to decline and safe haven assets to go up. In this environment, oil is slowly but gradually moving higher, making new weekly tops and aiming for its highest levels since the end of May.
WTI recently broke the upper line of the pennant, which can be perceived as a positive sign as before forming this trend continuation pattern, the trend was bullish. As long as we stay below the 61,8% there is no buy signal yet but the chances that we will test this level are relatively high.
Next up is DAX, which made new long-term lows. The price finally breached the local support at 12100 points, which most probably triggered many stop loss orders. Currently, that will be the closest resistance. Sentiment is definitely negative.
Tensions over North Korea helped to increase volatility but SP500 is still in a tight range between 2465 and 2485. The false bullish breakout from Tuesday increases the chances of a breakout of the support on the 2465 points. This level is being tested as we speak.