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Today I'm watching another somewhat technical spot in Crude Oil. Oil has been quite volatile over the last few weeks on the back of a massive sell off, followed by a subsequent rally.

Then to top things off, Friday's better than expected jobs number added some more fuel to the recent strength followed up by some middle east tension over the weekend.

This bear spread in Crude has been bouncing off the 1.70 mark both this year and seasonally.

Looking at the weekly chart we can see that it hasn't stayed at these levels for very long periods of time.

That said I would like to see some signs of a reversal before entering this one. Six of the last eight sessions have been strong in this spread and I would like to see something change before entering or at the very least work a very good price.