Market Update

CRUDE-W 4-19-2016

The market continues to press everyone up against the absurd. The Dow rallied so far above the 18100 level that it defied the logic that continues to be bearish. Likewise, if we see crude oil pressing highs and a close above the last high of 4242, then we should fill the gap up to the $45 area. Gold continues to consolidate but the key trading range remains 1266 to 1202. We need a closing outside of this range to imply the next move. We have some turning points coming in by next week and May/June remains a key target followed by August. In many cases, we need to exceed the March highs in April to raise any hope of a key rally. Nevertheless, the markets appear to be pressing everything as far as they can go without actually breaking out or breaking down.