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Both ES and Crude Oil Have Unfinished Biz to the Upside


Right now, with the e-SPM sitting atop its May rally leg off of the May 7 pivot low at 2057.00, the action since Friday's new all-time high at 2122.75 looks like a shallow digestion/correction period ahead of upside continuation towards 2150 next.

Only a bout of weakness that breaks and sustains beneath 2007 will indicate that the corrective period could morph into something deeper.

Only a decline that breaks 2092/00 will inflict damage to the May upleg.

Meanwhile, over in Crude Oil, all of that action off of its May recovery high at $62.08 appears to be carving out a two-week (so far) bullish coil- digestion pattern, which, if "bullish," means that when the coil runs its course, Oil should thrust above $62.08 towards my optimal- target zone of $64-$66.

Only a decline that breaks and sustains beneath May double-low support at $58.42/14 will invalidate the coil pattern, and, in fact, will argue that during the month of May, Crude Oil has established a meaningful top formation.

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