Forex Update

Crude futures are consolidating beneath $70/bbl and our 2nd tier downtrend line as volume continues to drop off since Tuesday’s sell-off. Meanwhile, the S&P futures are fluctuating around 1000 while the EUR/USD and GBP/USD consolidate. Therefore, investors have had little incentive to send crude into a technical recovery. However, our EUR/USD and GBP/USD trend lines are approaching their respective inflection points