After the first hour of trading on Friday, both ES and oil have relinquished their early session gains into new, recovery-high territory, which increases the likelihood that the most recent up-move 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.