S&P 500 is in the way to the weekly trend line, comparison with US Oil chart which broke the trend line and is in the way to test or break the previous lows, suggests that S&P500 will go further down too.
On the other hand, there are possibilities:
1. Oil will bounce back without testing the lows and S&P goes for a long correction.
2. S&P starts consolidating on the line and Oil too.
3. S&P 500 and Oil won't follow each other anymore ;)
Compare both 4H charts below and let me know your point of view:
On the other hand, there are possibilities:
1. Oil will bounce back without testing the lows and S&P goes for a long correction.
2. S&P starts consolidating on the line and Oil too.
3. S&P 500 and Oil won't follow each other anymore ;)
Compare both 4H charts below and let me know your point of view:
US Oil 4H chart: