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Oil Rejoins ES on the Upside...


ES (Emini S&P 500) has nearly reached my next target zone of 2150, but more importantly, is pushing up to the 2150/55 zone, which, if hurdled, will argue that the upmove above the top of the April-July Megaphone formation is confirmed, meaning that at the June 27 turn, ES started a new bull-market upleg rather than some sort of powerful intervening rally within a still-incomplete year-long sideways congestion period.

Above 2155, ES will point to 2200, and possibly a blow off to 2400.

At this juncture, only a decline that breaks 2117 will compromise the developing set-up.

Oil continues to rocket off of yesterday's low at $44.45, and is approaching a test of nearest resistance at $47.20, which, if hurdled and sustained, will point Oil towards another test of the $49.00-$50.00 resistance zone.

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