Oil Reverses Down Sharply, But ES Less Dramatically

Heading into the afternoon session, it is Oil that takes the spotlight, now down 4.7% from this morning's 4-week recovery-rally high at $38.39-- and pointed still-lower towards the $36.00-$35.50 support zone.

ES (Emini S&P 500) is under pressure too, but unlike Oil, has not inflicted serious technical damage to its 4-week uptrend (yet).

To do so, ES must break and sustain below 1975.00, which will trigger lower projections to 1950/45 (quickly).