Oil prices are coming down from August highs, while the Standard & Poor's 500 index is approaching levels where it will find it hard to move higher, Chris Locke, managing director at Oystertrade.com Management, told CNBC Wednesday.
“We’ve broken the main uptrend from the March lows,” Locke told CNBC Wednesday, adding that as oil prices reach the $65 a barrel level, “we’ll start to see it work back toward the reaction lows we saw in July of $56 and maybe going lower.”
There has been a good correlation between crude oil and the S&P 500 since March, Locke said. The S&P is “coming up to critical levels” and Locke said he expects “it to have much difficulty moving higher."
To hear more about Locke’s predictions for oil, the S&P 500, and currency movement, watch the full interview above.