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Crude is strengthening from our 1st tier uptrend line after bottoming out above the psychological $75/bbl level. Crude futures managed to avoid any significant technical setbacks on Friday despite the substantial selloff in U.S. equities. Crude's strength stemmed from relative stability in the EUR/USD and gold. Speaking of which, both are trying to set new bottoms of their own as we speak. Meanwhile, the S&P futures are bouncing nicely after ISM Manufacturing PMI and Pending Home Sales data points both printed much better than analyst expectations. The Manufacturing PMI is the more important number of the two since the ramp up in production ultimately implies an increase in demand for and consumption of crude. Today's data negates Friday's sluggish personal spending number, and crude futures are stabilizing as a result.
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