500 Index is looking here for a key sign to confirm a breakout!

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Crude Oil and the S&P 500 have a high degree of correlation over the past few years, as they have hit key highs and lows at almost the same time.  As the S&P 500 index is attempting to break above last falls highs at line (2), Crude Oil finds itself up against 18-month falling resistance line (1).  

Can Crude Oil find enough strength to break the series of lower highs?  A breakout of resistance by Crude Oil would be a positive sign for the 500 index.

 

 

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