ES and Oil Still Directionally-Linked

ES (Emini S&P 500) has violated last week's upside breakout plateau at 1912-1902, and has sliced beneath 1900 as well, which increases the likelihood that the upmove from the Jan 20 low at 1804.25 to the Feb 1 high at 1940 is over, and that the dominant trend direction (to the downside) has resumed.

Inability of ES to claw its way back above 1909 into today's close will be an ominous sign that the index is heading for 1875/70 at a minimum, and possibly to 1850/40 thereafter in route to a retest of the Jan low.