Markets Hostage To Headline Risk

Good Thursday Morning, MPTraders!  March 12, 2026-- Pre-Market Update:

It's tiring, isn't it? Investors and traders are hostage to constant headline risk from the Oil market specifically, and from the Trump Administration in general...

Here is the current Oil vs. ES setup, expressed by my attached 15 Minutes Charts...

What is the message this morning?  

-- As long as April Crude Oil is north of $90.00, the setup off yesterday's pullback low at $82.00 points higher toward a retest of the last eve's high at $95.97, and if taken out, then to $98-$100. However, if Oil rolls over, breaks, and sustains below $90, then the pattern weakens considerably... Last is $92.80...

-- And if ES remains beholden to the path of Oil prices, then as long as the index is trading south of 6762, it will be vulnerable to downside continuation that revisits the overnight low at 6705.75, which, if violated and sustained, will point to the lower and deeper corrective targets shown on my attached ES chart. Only a sustained climb above 6762 will improve the technical setup, and will point ES to 6780/85 and then to 6810/15... Last is 6740.00...