WTI Crude lower today in overbought conditions

S&PJune contract

Emini S&P holds what is now the 3 week high at 2677/79. Shorts need stops above 2685. A sustained break above here is needed to target 2687/89, 2694/97 & a selling opportunity at 2700/05, with stops above 2715.

There is quite important resistance at 2675/80 & failure here this week targets 2665/2660 & minor trend line support at 2655 before better support at 2650/47. A break below 2640 signals further weakness to 2632/30. A break below 2625 then targets 2618/16 & the most important support of the week at 2613/10.

SP500

 

WTI Crude May contract

WTI Crude lower today in overbought conditions. First support at 6640/30 but below here targets 6600 before best support today at 6550/45. Longs need stops below 6520.

Minor resistance at 6715/20 with 8 month trend line & last week's high at 6760/76. A break above 6795/99 targets 6835/40, perhaps as far as 6875/80. On further gains look for 6910 & 6950/55.

Oil

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