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Crude Oil and the S&P 500 have done a great job of falling in price, at the same time over the past few years. Crude Oil is on support, of its flag/pennant pattern at (1) above.
Crude oils near term price action could have a ton to say about the next big move in the S&P 500 index. 500 index needs Crude Oil to hold right here! Don't lose sight of what Crude Oil does over the next few weeks!