Navigating Market Trends: Support and Resistance

Crude oil shows a minor inventory build but faces significant challenges, with a primary downtrend remaining intact despite a recent price rebound. A critical support level is established at $69, but any breach could lead to lower prices. Current trading indicates a range-bound scenario, suggesting traders are positioning for potential bullish signals after finding a bottom. Meanwhile, equities appear overvalued with debates about recession risks, yet the prevailing view supports the notion that the Federal Reserve is politically motivated to inflate market values leading up to elections, which is expected to influence market behavior in the near term.