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Charting Man Dan on the Global Factors Moving Markets Today

512 views · Published 18 December 2018 · 11:03 · Indexed 19 October 2026

Channel: Midas Letter · 2018 · News & Politics

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The Chart Guys Founding Partner and Analyst Charting Man Dan McDermitt discusses the correlation between oil prices, the S&P500, and the cannabis space. Charting Man Dan emphasizes that from a technical perspective, oil and the S&P do the exact same thing. As a result, an oil bounce will provide a relief bounce to the S&P and the cannabis space, which is strongly correlated to the S&P. McDermitt cautions that the there’s continued weakness in the S&P, which has broken October lows and is now looking back at February lows for its next support level. He notes that the names that are holding up will perform better when the bulls finally show up. Charting Man Dan touches on the Tilray Inc (NASDAQ:TLRY) distribution deal with Novartis AG (NYSE:NVS).  He looks at a chart for Cronos Group Inc (NASDAQ:CRON), points out that the company’s stock is establishing support around the $11 mark, and he anticipates a lower high forming.

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