Week in Review: Oil Falls Back to Major Support, USDJPY Breaks Trendline, Weakness on S&P 500 Continues

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Key points from this video:

1. The S&P 500 is still continuing its pattern of lower highs. The next test it faces is the trendline going back to the 2009 lows.

2. Futures US dollar index facing resistance at 100.15; needs to break this level to pave the way for a move to 108 or even 120. Traders may wish to wait until 100.15 is cleared before going long.

3. USDJPY breaks a major trendline going back to 2012. Pair is at 118.50, which is where it was for most of 2015. Waiting to see if another range forms at this level.

4. Gold bounced off the bottom trendline of its channel, but is still in a dowward channel.

5. WTI Oil fell to $33, which is where it found support in 2009 and thus is a major support level. This could be a buying level, with traders targeting $37 or holding out for a longer rally. If $33 is broken, support can be found near $26.

Week in Review: Oil Falls Back to Major Support, USDJPY Breaks Trendline, Weakness on S&P 500 Continues