Chart of the Week: S&P 500 vs. Continuous Crude Oil Contract

This chart helps visually highlight the chart we just displayed above and hammer home the point that the next move in crude from its support should dictate near term market direction.

S&P 500 vs. Continuous Crude Oil Contract    
click for larger chart


Source: Technimentals

As this layover chart shows crude and the S&P have tended to remain inversely related. When crude scored its recent peak (black arrow) the S&P was setting a trough (blue arrow) and as crude continued to fall the S&P continued to rally.

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