Crude oil rose further to as high as 103.74 last week but failed to sustain above 103.37 resistance and retreated. Initial bias remains neutral this week for some consolidations first. Nonetheless, near term outlook will remain bullish as long as 98.30 minor support holds. We'd expect rise form 74.95 to resume sooner or later. Above 103.74 will target 114.83 key resistance next.

•The market turned gains of at least 2.8% each on the major indexes into minimum profits of only 1.1% as stocks gave back more than half of their intra-day returns.
•The major indexes closed below their intra-day session mid-points.
•Even so the support/resistance levels on the SP 500 did rise from 1,154 to 1,173 and from 1,165 to 1,183.

•After yesterday's brutal sell-off stocks rose with the indices gaining at least 0.4% today palpable to the prior session's losses.
•The broader SP 500 support level moved up slightly from 1,128 to 1,130 while resistance remains the same at 1,150.
•The support/resistance levels for the Nasdaq Composite moved higher from 2,381 to 2,470 and from 2,468 to 2,483.

•Stock sold off hard with major indexes down at least 2% each.
•SP 500 support/resistance moved down from 1,199 to 1,165 and 1,204 to 1,173.
•Nasdaq Composite support moved lower from 2,580 to 2,531 (21 day moving average)-resistance moved lower from 2,598 to 2,549.
•SP 500 is once again below its moving averages (21, 50, 200).