High Oil Fails to Stop Buyers

Oil, the one true trending market right now, ticked higher but the stock market wasn’t daunted as buyers stepped up to the plate at support and pushed indices back to minor resistance areas. There is not much to get excited about until resistance is overcome, but at least we have support just below and evidence that at least some buyers are willing to defend it. We believe there is potential for the major market to rally out of this trading range and run back up for a test of recent highs.