Keep pulling the thread on S&P 500.
Brent crude oil prices fell by 9% in the previous day's trading.
WTI crude oil prices dropped by 12% to $83 per barrel in the previous day's trading.
If crude oil prices stay above $100 per barrel, it will negatively impact the global economy and cause GDP estimates to be revised lower.
Mike predicts that the December WTI crude oil futures contract, currently at $72 per barrel, will fall to $50 per barrel by the US midterm elections.
The combined surplus of crude oil supply versus demand in the U.S. and Canada is currently 8 million barrels per day.
The United States and the Western Hemisphere have become the primary price-makers in the global crude oil market.
Major banks, including JPMorgan Chase and Citigroup, reported record-high equity trading revenue in the most recent quarter.
JPMorgan Chase CEO Jamie Dimon stated that high gasoline prices do not matter for consumer spending due to the strength of the labor market.
Mike predicts that Bitcoin's price is more likely to head towards $50,000 this year.
The S&P 500 index closed above 7,100 on the previous Friday.
The NASDAQ composite index recently recorded its longest positive streak since 1992.
The Dow Jones Industrial Average increased by 1.8% on the previous Friday.