ES Remains Extremely Stubborn on the Downside, While Oil Cannot seem to Catch a Sustained Bid

If nothing else, then yesterday's decline followed by this morning's bounce reinforces just how stubborn ES (Emini S&P 500) remains on the downside, and how easily it rallies.

In the absence of a break below 2150, which held yesterday's decline from 2170, the dominant post-Brexit uptrend will remain intact, and the past of least resistance, still up (remarkably).

Barring a break below 2150, more strength in ES to the 2195-2200 target zone cannot be ruled out.

As for Oil, if this week's lows at $43.69 and $44.25 are a double bottom set-up to conclude the June- July correction, then Oil must climb and sustain above resistance lodged around $46.00.

At the moment, the oil bears still have directional control.