Brent
Brent quotes and the RSI have reached their corresponding overbought areas on H4. As a result, a test of 7/8 (79.69) is expected, followed by a breakout of the level and a decline to the support at 6/8 (78.12). The scenario can be cancelled by a rise above the resistance at +1/8 (82.81). In this case, the quotes could continue increasing to +2/8 (84.38).
On M15, the price decline might additionally be supported by a breakout of the lower boundary of the VoltyChannel.
S&P 500
At the S&P 500 index chart, the situation is similar. The index quotes and the RSI are in their overbought areas. In this situation, a decline of the index to the nearest support level of +1/8 (4453.1) is expected. The scenario can be cancelled by rising above the resistance at +2/8 (4531.2), which will make the Murrey indication reshuffle, after which new price targets could be set.
On M15, a breakout of the lower line of the VoltyChannel will increase the probability of a price decline to +1/8 (4453.1) on H4.
