Head & Shoulders top on USO/SPX?
Updated
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.
Comment
It looks like the patter has been broken.This is not good for stocks in general.
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