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-- traders and money managers are always talking about technical levels technical support technical resistance but what does it all mean.
To your investments we brought in -- house security chief technical analyst Jeff Weiss.
To -- technicals.
Easy for all of us how -- IMO okay never they offered you no -- no one night I work your critics are right so tell me about why our viewers need to watch technical levels overall what.
Is that important technical analysis to me -- is the purest form.
Of stock market analysis.
It reflects not what people are simply opining but what people are doing where their money.
Not saying and the chart that you are put appear right yes and -- had a beautiful ladies yes that -- -- thank you land.
-- -- This chart to me.
Is the -- sees.
Are for what the bulls need to do to extend the bull move tonight if we go back here made the mark we have made the market decide to go back to those marks.
You'll see circle on the far left.
And this is the July low of 2006.
K you'll notice that after we broke this line and rallied back to which Sheryl where I narrowed it and reds are not that naive way out of the absolutely look at collapsed.
In fourteen week okay what where we got back to the last two times that's in line tell you what you point I'll touch house that's not how I guess again sitting down like it's a very it's it's it's a very is that they're very -- -- -- -- and -- -- let me let me go to the next one here -- television the monthly closing chart for the S&P and just kind of talk me through this because again.
The marks that are on the screen -- your marks and why we should care about BS to pick -- -- monopoly Clinton was still following up on the 1420.
Major weekly closing resistance area -- of this chart looks at a monthly closing visited.
Apropos they hear on the last day of August are looking at this chart where again I -- Three arrows dating back.
I believed to February of 07123.
-- situated just below 1410.
But the bottom line is we need to rip out 1410 and a monthly close stay above the 1420 -- thirty area on -- weekly close -- if we can do that despite.
The worries of news background both domestically and internationally to the technical analyst.
It's the market action sort out what's happening at 1410 that was a big -- that's a big level -- that's a big -- on a technical level a cut and again we have to remember that date when someone gets a margin courts based on one thing the price of the stock that's technical I believe the whole market's technical but -- very bias OK all right now let's go to something else and this is where we actually get to play with the screen and and that's -- a little bit okay here is -- one month.
Of oil okay what does that say you about what we're out of what oil levels recognize its point three rapid dollar radio right now but over the last month -- -- this tell you this is a big rise well it shows a rise but if we actually went back a little further Cheryl.
We would see that on the daily closing chart of light sweet crude oil futures.
That the area of 92.
When I have to 93 and a half he is a -- lead.
Decent very short term support area about -- -- if we look at the the recent low -- 93 and change I'm not quite sure how it lines up here.
-- -- -- -- The key on oil to maintain its shorter term uptrend okay if you want it say limited a manipulator when -- a one year hear I hear everything is that if tell you about -- his chosen to tighten what this tells me novel not only benefit and -- this is this low here is around 93 and a half a tank we can go to this time.
This high and this low.
All in that low -- area the bottom line on oil is if it holds the vicinity of 92529350.
Let's see on the upside if it could tackle this high.
This hi this hi.
This low and that slow in the vicinity we could say of what -- what and I have 2102 and a half are so so here sir okay but the real -- 1420 -- thirty.
Weekly closing -- basis there's not only about going on there it's a world technical war just forget heavy back.
My pleasure Paris on what all right yeah I'm gonna get my have a pencil out next time that we needed -- off -- -- everybody -- -- technical analyst.
Check out securities' chief Jeff thank you very -- --
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