The chart shows weakness and bears took control after the OIL data. On the other hand the VIX trader lower. Reuters: The S&P 500 ended flat on Wednesday, cutting its gains late in the session as commodity-related shares fell, while comments by Federal Reserve Chair Janet Yellen offered a mixed view on the rate outlook.
Federal Reserve Chair Janet Yellen said she was “looking forward” to a U.S. interest rate hike that will be seen as a testament to the economy’s recovery from recession. The dollar gained against the euro after the Federal Reserve chair Janet Yellen flagged an interest rate hike that may come in two weeks, while indexes
Commodities including oil, gold, silver, and copper are attempting a rebound. Commodities are very oversold, such a rebound to relieve the oversold condition is typical. Of more interest is the potential for a short squeeze that can be traded from the long side first and then used to establish a short position when the squeeze


