The “Big Three” are putting a lot of pressure on the market right now. No, not the automakers (although their charts do not exactly look spectacular). I am referring to oil, yields and the dollar. All three of the “Big Three” have had powerful short-term uptrends over the last month and the macro weight of these charts is putting pressure on various areas of the market.

Rising oil brings out the inflation resurgence worries. Rising yields brings out the slowing economic growth worries. The rising dollar brings out a whole host of worries as it can hurt trade and multi-national profits along with other macro headwinds. When the market starts worrying, it is hard to gain momentum to the upside. When the market starts worrying too much then support levels can start breaking.

Paying attention to these charts is a must for traders right now. Any breaking of trend or knee-jerk selloff likely causes a relief rally in stocks making them important charts for both bulls and bears right now. Naturally we will break down the charts on the Halftime Report every day.

Have a fantastic day!

Crude Oil (/CL)

The move oil has certainly caught the markets attention post Labor Day festivities. An important chart with implications across multiple markets (aside for energy plays themselves!), the technical development of this breakout will be one traders everywhere are watching.

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