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So far today, the E-mini March S&P has rallied to retest yest.'s high at 1217.00, which failed at 1216.75, and then plunged to 1209.50-- which so far has preserved the support line off of last Wed.'s low (1208.25). At this point, only further weakness that breaks below 1208.25 or a rally that hurdles 1217 will trigger significant follow-through action in the direction of the breakout. Meanwhile, OIL PRICES have exceeded my next target of $53.50, which points the oil price structure to $55-$56/bbl. Should oil prices accelerate later today, we have to expect the e-SPH to attempt to press below 1208.25.

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