Just an update on the major pennants.
Oil has broken out to the downside again. All the other charts have followed this move as the $USD has moved higher.
This still looks to have ominous outcomes ahead. IF the USD continues to rise, the trend for the other tickers would most likely be down. First support for oil looks like $79. A break through of 80.50 on the $USD will set off a significant response. Its being watched by almost every technician on the planet.
Greg Schnell, CMT