S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

[akats]

S&P 500 – Prices bounced from 23.6% Fibonacci retracement support at 1302.90, with the bulls retesting the previously broken rising trend line set from late December as resistance. A break above the January 26 high at 1334.40 is needed to overturn near-term bearish cues.

CRUDE OIL – After a month of standstill, prices appear to have finally made a directional break with a close below support at 97.70, with sellers now aiming to challenge the top of a falling channel set from mid-November now recast as support (95.65). The 97.70 level is now acting as near-term resistance