Oil/SPX chart remains weak during a week which saw crude bounce off the $88 level. It can’t reclaim the 34 ema and is overbought on the RSI (2) indicator. It’s already starting to roll over and I expect this commodity to fall further next week.

The weekly below is a little more obscure as it’s stuck in a giant wedge with it’s 50wk moving average flattening out indicating indecision among traders. One thing that catches my eye is how price couldn’t stay above that key moving average and as long as we remain below that MA I view that as short term weakness.

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