Bullish On The Stock Market Today If Crude Oil Closes Above $75

"I was slightly surprised at Jerome Powell's hawkish tone, but not the 50BPS interest rate cut. The S&P 500 Index or SPX and Dow Jones rallied into the announcement and from a technical analysis perspective, it is typical for that to reverse. Also, the U.S. oil refiners are reporting higher quarterly profits now than they had prior to the pandemic. Crude oil price is impacted by the Keystone Pipeline leak in Kansas, which shut it down. That makes it the largest Keystone Pipeline leak in history. Also, last week, the U.S. crude oil stockpiles rose by more than 10M barrels. If crude oil price can continue to close above $75, that would keep the market in an uptrend," says David Williams.