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Oil is breaking down beneath resistance as tight moving averages are beginning a negative expansion.  The 20-day will most-likely cross the 50-day on Monday which will line up the metrics in negative succession (100-day over the 50, 50 over the 20) all with negative trends.  If the dollar catches any kind of bid next week, oil could test long-term support levels.

The S&P is forming a technical pattern that suggests an increased likelihood of a market selloff in the near future.  The 20-day has crossed below the 50 and is acting as a resistance level.  Both moving averages are now trending negative and the market has been unable to sustain any type of positive momentum since dropping 2% on September 9th. Volatility prices are still low, however, so this may be a good time to buy some insurance.  This is also a good time to take profits on any short volatility positions and look for new buying opportunities should the market turn.