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After hitting new reaction lows this AM at $48.05, oil prices have reversed to the upside into the $49.40 area, which we can see is the coordinate of the nearest resistance line off of the May 10th high. My near term work argues for an upside penetration of the trendline, and continuation that tests the May 18th high at $50.98. 05/23/05 Noon ET $49.28.

Meanwhile, the e-SPM hit a new recovery high this AM at 1195.25, before declining into the 1190.50 area, which my work argues is the start of a two-way "trade" that corrects the near term overbought condition that has developed since the 5/13 low at 1146.75. At this juncture, a decline below 1190 is needed to trigger initial sell signals, while a break below 1185.25 is needed to trigger downside acceleration towards 1175/70. 05/23/05 Noon ET 1193.50

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