Here’s a quick looks at the 60-minute charts of the US stock indexes & crude oil which have all wiped out Friday’s gains in the overnight session in response to the latest developments in the Sino-U.S. trade war. Just as Friday’s rally didn’t result in any significant technical developments other than the breakout in the small caps/IWM, so far this drop in the futures shouldn’t have any significant impact on the charts although it does keep the near-term downtrend in /NQ and QQQ intact for now with a new low in the series of lower highs & lower lows since April 25th.

/CL has hit my 60.46 target in the overnight session, extended the bullish divergences & setting the stage for a potential snap-back rally if/when the second price target on the USO short trade is hit today. I will post updates on crude as well as the broad market a little while after the regular trading session gets underway today.

CL 60-min May 6th

CL 60-min May 6th

1+