The Bollinger bands moved from inside to outside the Keltner channels today triggering a squeeze short signal in oil. It will remain valid as long as DI- remains above DI+ and price remains below the previous swing high of 99.95.
The rally in stocks today was underwhelming to say the least. However, a rally back to the April 18 low around 1295 would not alter the expectation for a retest of the March low and possible the April 2010 high. At this point a MACD buy signal off of the 200dema would be suspect since the moving average has turned flat. As long as price remains below 1300 lower prices would be the most probable outcome.