A Pivotal Day for Both ES and Oil

This is shaping up to be a pivotal session in both ES (Emini S&P 500) and Oil.

Let's notice that ES is bumping up against its month-long resistance line, now at 2100, which also represents the upper-boundary line of a developing Megaphone-type, potential, broadening-top formation.

The ability of ES to hold and to hurdle 2100 will invalidate the broadening-top formation, and will argue for still-higher prices that will fully retest the May 2015 high at 2134.

Conversely, a decline that breaks 2086 will trigger initial sell signals, and will lock-in the current rally from 2030.75 to 2100.00 as complete.

As for Oil, it has regained its pre-Doha level around $40.50, and has preserved the larger April advance off of the $35.24 low, which my work argues initiated a new upleg that points to $45 next.

Only a break below $37.60 will begin to compromise my bullish, near-term outlook for Oil.