WTI crude oil futures have failed to hold below a key previous high point, and now are up 2.7% on the day. As we noted, the major technical indicators we follow still have not really turned bearish on a weekly timeframe. Oil will still be overall supported by bullish forces in the market.
S&P 500 futures turned negative initially during Donald Trump's press conference, but are now slightly positive on the day. The weekly indicators are also bullishly positioned, and we actually think the S&P 500 has a lot of room to run higher. The market looks far from overbought from a technical standpoint.
There is a big USDA grain supply/demand report tomorrow morning, and grain markets are balancing positions in front of that today. Major grain markets are lower today, and the overall trend still seems to be a bearish one.