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S&P down to near-term Make-or-Break as questions loom over extent of momentum deterioration

Trend bullish, but momentum waning substantially and prices down to levels as of yesterday's lows that need to hold to allow for rally to continue-  2034-6 the area of importance for Futures-  Crude and SPX starting to come together a bit after last couple weeks of widening- but WTI needs move over 38, or else this remains a bounce to sell into-  Tough to make much of European bounce, or in Premkt US Futures move-   This morning's Daily Technical comment shows the extent to which momentum has begun to deteriorate, so very important to hold for S&P today   See extent of 40 point S&P slide from Monday's lows down to early April swing lows which are important to hold

Breaks of 2034 likely lead down to 2012 in S&P Futures, but still are likely to prove short-lived given the improvement in breadth and momentum on an intermediate-term basis.  Pullbacks therefore likely prove short-lived, and still need more proof even to call for a short-term selloff.  

Crude rebounded yesterday while S&P fell, helping to bridge the gap between these two asset classes that have trended very much in unison of late-  Movement in WTI higher by another 3% this morning keeps this mean reversion at work.. though gains OVER 38 needed for WTI and for now, its thought that this rally is a chance to sell, with movement under 2034 helping S&P join back again with WTI in trending lower