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Unrest in Iraq pushed Crude Oil prices up for a week and bullish sentiment towards crude reached lofty levels. Turmoil continues in Iraq, yet Crude Oil turned soft.
The decline in crude oil has it now testing a 6-month support line and support is support until broken. Should support give way, Crude might turn soft for a while due to sentiment is still at lofty levels.
Often Crude Oil and the S&P 500 have moved in the same direction. Should Crude Oil fail to hold at support, investors might want to see if it impacts the broad markets.