NYMEX Crude Oil Attempts an Upside Reversal

While the e-SPZ (e-mini S&P 500) recovers all of it lost ground from yesterday.

Let's also notice that once again, nearby Crude Oil is attempting to complete a 2-1/2 week base-like formation.

If nearby Crude hurdles and sustains above $95.50/80, then we should expect potent upside continuation that points to $98.00-$99.00 thereafter.

Will the equity market care? Perhaps, if and when oil climbs back above $100.

But the e-SPZ has been impervious to just about any negative news for weeks, which argues against it reacting to the downside based purely on a $4-$6 rally in oil.

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