Charts: S&P at 'Critical Levels' as Oil Sinks

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.

S&P 500 â??Coming Up to Critical Levelsâ??
S&P 500 â??Coming Up to Critical Levelsâ??   

“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.

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