2pm update - short term oil capitulation?

Whilst the broader equity market remains moderately weak, the daily oil candle is offering threat of a short term floor.. ahead of the next set of inventory reports. However, with Oil in the $37s, even a 20% ramp into early 2016 would only get Oil back to $44/45s.


USO'daily2

sp'60min

Summary

*a rather large reversal candle in Oil..... with another spiky hourly candle in equities.
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The hourly equity MACD (blue bar histogram) cycle is on the low side, much like last Thursday, the threat is almost entirely against the bears.

If Oil can start pushing upward from today's low of $36, the main equity market is going to start climbing again.
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notable strength.. amongst the energy/commodity carnage...

CHK +1.2%
CNX +0.2%
RIG +0.6%

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yours... cold.
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2.12pm.. sp'500 BREAKS above declining trend/resistance...  next level 2080.. then 2093.. 2104.

The door is now wide open...

Oil turns up.... +0.3%