Oil is having a second straight day of gains, which has calmed the stock markets a bit. But, I would not call it a reversal yet. From a technical perspective, these couple of up-days could just be another short-term bullish correction that would be faded in the medium-term.USD/WTI Daily Chart 1/22 (click to enlarge) Look at the current 2-day rally and compare them to the previous 4 strings of rallies. It does not look much different. We have also seen the market faded at previous support pivots, so for the current rally, we should limit the bullish outlook to the 34.30-35 area. We should also respect the falling speedline seen in the daily chart, which might coincide with that previous support pivot as WTI rallies. We should also watch the daily RSI as it gets into the 50-60 area. If RSI is near 60 and price is near 35, anticipate bears.