Here is a simple look at my long term view on oil, which lines up relatively well with my expectation for the S&P. As you can see, on the weekly chart, it had appears that we had broken out, but we kept retesting that breakout level as support without getting any really solid bounce. Finally, we broke down into the previous trading channel again and went straight for the bottom of that channel. My shorter term view is that we may drop some early this week (4/3/2017) but ultimately we retest the top of that channel once more, now as resistance again, which is around the $53 level. Following this touch, oil should head back down to the bottom of the channel but this time with a clear and heavy break, sending oil quickly to $45. We will likely move slowly down/sideways until mid/late October of 2017 when I expect the speed of the drop to pick up significantly, ultimately breaking down below the previous low and making a new 16 year low below $25, maybe as low as the $22's. This drop is also reasonable from a fundemental perspective given the continued oversupply of oil to the market and the U.S. attempting to gain a bigger share of the oil market with 2017 production expected to increase. The most resent rig count of 662 has basically doubled from a year ago when at the end of April 2016 the rig count was just 332. That coupled with lesser regulations under the Trump administration. In addition, another OPEC cut decision is expected to come as early as July of 2017 but if that falls through, it could be yet another catalyst for lower oil. We are looking for this next drop to be slightly lower than the previous low. After this is accomplished, I expect a new uptrend in oil to begin, leading oil to the mid $70's again.