Oil is Calling the Directional Shots After Latest Inventory Build

The greater than expected build in weekly, crude-oil inventories put the kabash on the rally from $42.58 to $48.36, and has sent Oil reeling towards a test of key, near-term support at $45.90 to $45.15, which must contain the selling pressure to avert a revisit of the Oct 27 low at $42.58.

Meanwhile, the downside reversal in Oil appears to have impacted the direction of ES, which also has reversed off of its recent high, and is pressing towards a test of near-term support at 2089 to 2085.