Stocks Drop On August 8

EOD

The market finished the day lower despite an improving tone throughout the day. The most striking and vital move was the rally in oil.

Oil rallied from $80ish at 7:30 am ET to around $83 by day's end. Oil has been unable to surpass the $83 level for months, and it seems to be making its most powerful attempt thus far to push above that price level. If that resistance level is broken, oil prices could surge into the low $90s, at least based on the technicals.