David Fuller's view Crude oil's downward dynamic Friday a week ago recorded a failed upside breakout and indicated that resistance near the upper side of the trading band (weekly & daily) would hold for a while longer. It also suggests that significant speculative positions were in the market as crude fell in line with many other commodities.

This is actually good news for stock markets, which are also in a consolidation phase, because $100 oil, which I would not be surprised to see at some point next year, would provide a headwind for equities.