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Equities Act Tired, while Oil Looks Poised to Resume Recovery Rally


As the market wade through the noontime lull, in the aftermath of Netanyahu's fiery and compelling speech in front of a joint session of Congress, let's notice that the e-SPH has rolled over and sliced beneath its nearest support level at 2100-2099, which leaves behind a potentially meaningful Double Top at the Feb 25 high at 2117.75 and at the Mar 2 high at 2115.50.

Inability of the e-SPH to claw its way back above 2103 into the close will leave the index vulnerable to downside continuation towards a test of more important support at 2082/80 next.

As for NYMX Crude Oil, once again, it appears poised to challenge near-term resistance between $51.00-$51.30, which if accomplished, should trigger upside continuation-- perhaps sharply-- towards a test of resistance between $54.50 and $55.00.

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