Intermarket Oil: correlations back in to line

We are in a phase of supply again, with the US 30y dropping, oil sliding from highs, stocks capped and sold off and the dollar taking back poll position.

Oil hit a road-block at $43.23 while the DXY found territory above 96 again. Stocks are moving lower and off the highs of 2,187 in the benchmark S&P 500, down to 2178 support. The fundamentals had shifted a little, but more of the same tune, with OPEC members potentially getting together on supply.  

Members are said to be holding an “informal meeting” on the sidelines of the 15th International Energy Forum in Algeria on Sept. 26 to Sept. 28. Technically, the 200 sma on the 1hr sticks offers support at $42.50 while highs are at $43.50. a break to the downside threatens the ascending channel support at current spot and opens territory to $42.00.