ES and Oil Breakout, or Bull Trap?

After the first hour of trading, both ES (Emini S&P 500) and Oil have relinquished their early session gains into new, recovery-high territory, which increases the likelihood that the most recent upmove off of the Feb 24 lows represents the conclusion of the Feb advance, rather than the breakout and lift-off from a significant bottom.

That said, this day is very young yet. Nonetheless, so far, it appears that today is not a One Way Friday, which, if nothing else, should give ES and Crude Oil bulls pause, especially if strength does not resume late in the session.