The trading range is defined by our Daily Bearish Reversals at 1080 below and 1109 above. The Energy Models are improving and a closing outside of this range will signal what we are getting into for September. Technical analysis on the monthly level for August stands at 1104, so the technicals are confirming the Reversals as well.

So the jury is still out. Keep in mind that a reaction to the upside will be just short-covering and then a resumption of the decline.