Here are two charts we thought were worth noting. The Reuters/Jefferies CRB Futures Price Index and the S&P 500 Energy Index are both right at the bottom of their trading ranges. The trading range is one standard deviation above and below a stock's 50-day moving average (light blue shading on graphs) and can be used as a good overbought/oversold indicator for individual stocks or indices.
The two indices are currently at the bottom of their upward trending ranges, so it will be important to see whether or not they hold in the next day or two.
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