Crude oil traded lower overnight as most professional traders are looking for an over due retracement. We are still in a strong uptrend but it is apparent we have made a short term top. I look for bullish day traders to make a stand in the 60.50 - 61 area so watch volume closely as we trade through here, bears will start take profits in the 59+ area.
We will be watching the SP 500 closely as any move below 895.50 will have day traders trading the gap fill to 882.50, most likely taking crude oil with it.
Natural gas seems to be making a test of the 50 and 61.8% retracement lines which will only add to the crude oil sell off. This could be healthy for the bulls case if these levels can hold.
Thursday's pivot point, our line in the sand is 61.27
1st resistance is 62.67
2nd resistance is 63.67
1st support is 60.27
2nd support is 58.87
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