Crude Oil just experienced a massive rejection at $120 a barrel, putting in a textbook daily topping tail. While retail investors chased the geopolitical headlines and bought the absolute top, the "Smart Money" was fading the emotion. Video by Gareth Soloway.
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But the danger in the broader market is far from over.
The S&P 500 and NASDAQ are hovering near the flatline this morning, but the macro breakdown structure remains fully intact. Meanwhile, traditional safe-havens are flashing massive warning signs: Gold and Silver are locked in dangerous bear flag patterns pointing to further downside.
The one asset defying the gravity of the market? Bitcoin (BTC). Gareth breaks down why Bitcoin remains the lone bullish chart among major assets, and why he continues to ride his long position.
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Today's Insights
-Diplomatic Signals: President Donald Trump indicated the Middle East conflict could end "sooner than expected," significantly cooling the geopolitical risk premium.
-Supply Interventions:
---The U.S. suggested it might take control of the Strait of Hormuz to ensure tanker passage.
---The G7 Finance Ministers announced they are prepared to release Strategic Petroleum Reserves (SPR) to stabilize global markets.
-Sanctions Easing: Reports surfaced that the U.S. is considering easing sanctions on Russian oil to further alleviate global price pressures.
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