What was looking like quite a bad morning for US equities when our alarms went off a few hours ago is looking a lot more manageable now as futures have rallied off their lows.

Crude oil prices are relatively quiet today, but yesterday's rally took the front month future to a new 52-week high with a breakout above the summer highs.

Internals for the Energy sector also look positive.The chart below compares the sector's price and cumulative A/D line. While prices aren't yet at new highs, breadth has been strong and consistently trending higher for the last several weeks.