Over-Under on the Half Underwater Market

For at least the last few sessions, crude oil and equites have detached a bit from a previously very sensitive correlation. While I would not assume the correlation is finished, once and for all, it may very well buy bulls a few more days of a relief rally, especially with the S&P 500 Index on track to close back over its 20-day simple moving average today. 

GOOGL earnings tonight should spice things up one way or the other, if the other FANG earnings are any indication this reporting season. 

I am not still not going to swing too heavily overnight, but will give bulls some room to see if they can mount another offensive higher this week before we likely run into some more serious overhead supply. 

But as long as China and crude oil weakness are not plunging the market with any vigor, bears are likely biding their time and waiting for a better spot for their claws to come out again. 

More on this after the bell in my full-length recap for Members and the brief one here.