After a long period of underperformance, the Crude Oil Continuous Contract (@CL) experienced a comeback against the E-mini S&P 500 Continuous Contract (@ES) this summer. The relative strength line enjoyed an upward sloping channel for the last 3 months or so. However, the rebound may be coming to an end as the relative strength appears to be breaking to the downside.
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Written by Frederic Palmliden, CMT, Senior Quantitative Analyst, TradeStation.