November Crude Oil continued to slide lower on Thursday on light volume. Demand for higher risk assets was down contributing to the decline.

The biggest factors driving crude oil prices lower are the slowing economy and oversupply issues.

Technically, the main trend is up on the daily chart unless the last swing bottom at 74.24 is violated.

The Euro continues to post strong gains this morning after breaking through a minor retracement zone at 1.2164 to 1.2233 overnight. The main trend is down until 1.2453 is penetrated, but the daily chart indicates there is plenty of room to the upside.

U.S. equity markets are trading overnight and are expected to open slightly above near-term support. The March E-mini S&P 500 broke an uptrending Gann angle at 1132.25 which has held as support since November 27th. This is a sign of impending weakness. Short-term support is a retracement zone at 1129.00 to 1124.50.

Technically overbought conditions are helping the USD JPY give back gains following a huge surge to the upside on Friday. The Dollar rallied sharply higher after better than expected U.S. jobs data pointed toward the possibility of the Fed raising rates sooner than expected.