The current price action today is being somewhat hampered by the price action on the 30 minute chart. You have the prices falling some off of the highs of the day, though oil still remains up a whooping 4.6% on the day.
On the 30 minute chart you’ll see that price action has run hard right into the falling trend-line then has retreated hard from the highs of the day. That doesn’t mean that it won’t ultimately break, but may require that we put in a higher low in first before resuming the trend higher here.
Here’s the 30 min SPY chart:
