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Oil Reverses Down Sharply, But ES Less Dramatically

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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).

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