Oil Under Pressure
By Mike Paulenoff, MPTrader.com
Heading into the afternoon session, it is Oil that takes the spotlight, now down 4.7% from this morning's 4-week recovery-rally high at $38.39-- and pointed still-lower towards the $36.00-$35.50 support zone.
ES (Emini S&P 500) is under pressure too, but unlike Oil, has not inflicted serious technical damage to its 4-week uptrend (yet).
To do so, ES must break and sustain below 1975.00, which will trigger lower projections to 1950/45 (quickly).
See chart pattern at https://www.mptrader.com/middayminute/Oil-Reverses-Down-Sharply-But-ES-Less-Dramatically-201603083366.html
Mike Paulenoff is founder of MPTrader.com, where he provides live intraday analysis and trade alerts covering the equity, commodity, and currency markets.
