CLU23 – September Crude (Last:81.25)

With gasoline prices in the East pushing well above $4, consumers could use some help from the 84.66 ‘midpoint Hidden Pivot resistance’ shown in the chart. It held against Friday’s surge, but it looks like a slender reed for beleaguered consumers to lean on. A decisive push past it would imply more upside to p2=94.88, at which point we may become nostalgic for $4 gas. A bright spot for investors is that because the stock market has come completely decoupled from reality, the crushing economic burden of higher energy prices has barely registered on Wall Street’s dim, fevered brain. ______ UPDATE (Aug 18): The bounce into Friday’s close looked menacing from the perspective of bears hoping the top a week ago at the 84.66 midpoint Hidden would endure. A decisive push past it would put the 94.88 ‘secondary’ pivot mentioned above in play, and possibly even D=105.10. Even a run-up to the lower target would be ruinous for motorists already challenged by soaring gas prices.