Crude Bullishness Leading The Index’s
X marks the spot where the reversal got its legs.
|1 min CL vs ES|
|5 min CL|
Yesterday evening and this morning crude’s movements were correlated to the S&P’s, with both assets selling after they made a monday evening high… ES fell off post 1342.5… CL fell off the hi of 97.44 down into 95.84 ….
I mentioned CL felt heavy over 96.80 yesterday evening though before it fell through the level with conviction CL squeezed 50c higher before failing to lows of 95.84.
Crude’s price action today is very similar to sunday evening and monday morning.. Looking back to yesterday, before equities opened CL sold off fairly violently only to see a very steep pinch into highs for the floor session monday and today highs for the entire session of 98..
little over 2 dollar move from lows, zero catalyst but thin trading. Index’s should follow Crude’s lead.. remember crude got down to 95 area twice now this month and bounced very quickly .