As far as crude oil is concerned, I'm not impressed by the bullish reaction to the combined draw-downs of both the API and EIA inventory reports, which goosed prices from Wednesday's $44.51 low to $45.33 a half hour before Thursday's close.
To really get some upside traction, oil has to hurdle and sustain above heavy, consequential resistance lodged between $46.90 and $47.32, which will trigger upside potential of at least $3.
In that absence of an upside breakout above $46.90-$47.32, oil is vulnerable to pivoting to the downside into a sharp downleg that breaks $44.51 en route to a retest of the June low at $42.05.