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Both ES and Crude Oil Poised for Upside Continuation


E-SPM Bottom Line: 2096/94 represents key support that must contain weakness to avert vulnerability to 2075/70.

Conversely, the index needs to climb above 2118 to gain some upside traction.

Crude Oil Bottom Line: the action off of last Thursday’s corrective low at $56.51 into today's high at $61.24 has the right look of the start of a new upleg that projects to $64.00 to $66.00 target zone.

Any weakness into the $59.50 - $58.80 should be considered buy zone ahead of the anticipated next upleg.

Be aware, OPEC meets on Friday to discuss output quotas, etc.

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