ES ($SPY) and Oil ($USO) Continue to Unwind in Bear Market Profile

Increasingly, ES (Emini S&P 500) looks and acts like a bear market profile: vicious, oversold rallies that fail to inflict any meaningful damage to the dominant, developing downtrend.

In the current set-up, let's also notice the large-rounded Top formation (lower chart) that is on the verge of completion-- and downside continuation, which will lock in a major Top.

The unwinding of that Top could be treacherous for the S&P 500 names.

As for Crude Oil, to get any upside traction, it must climb and sustain above $31.80, otherwise the down- side unwind will continue.