S&P500 trading in a long term channel and appears to be in the 4th wave in the long term cycle.
Crude Oil Plunges Into Bear Market | WTI Crude Technical Analysis
WTI nearing its channel support after a sharp 22% fall. Channel support zone lie around USD55-57. The Support area also coincides with 71 week cycle in play.
Failure to hold the support zone could result more downside pressure.