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Both the S&P and WTI Oil Remain Elevated...


From a pattern perspective, the upmove in the e-SPH off of Monday's low at 1754 should be nearing completion at two optimal target zones: 1815/18, and 1823/25.

The high so far today is 1815.75, which puts me on alert should the index all of sudden hit an air pocket.

Otherwise, the grind higher likely will extend into early next week with at target zone of 1823/25 prior to my expectation of a period of correction that probes 1805-1795 at a minimum.

Meanwhile, nearby NYMEX Oil appears to be consolidating above key support at $99.00-$98.00, amidst a still-developing recovery-rally pattern that argues there is unfinished biz on the upside into the $101.00-$102.00 target zone.

Only a break below $97.75 will neutralize my still-bullish near-term outlook.

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