Broader markets fell today for two major reasons. Mainly, the 10-yr gapped up 6% prior to market open, which when combined with a stronger dollar created a scary situation for investors to pulled money out of the markets to build up cash positions. The second reason was the behavior of crude today- crude is the life blood of the military-industrial sector as well as the financial sector as many banks are leveraged in it, which is why this shook the entire market.
Comment:
We saw today's candle open below the support line, however it did wick up to the solid green line (which is now a resistance). That wick tells us that the sellers at that new resistance are strong, so it's unlikely that crude will get back into that channel short term.