Oil and Equity Indices Remain Under Pressure and in Lock-Step

Nearby Oil has pressed to a new low at $27.32 in route to ???

My next optimal target zone is $24.00 - $23.60, which is the next area from where I will be looking for a significant upside reversal.

Meanwhile, in overnight trading, ES (Emini S&P 500) has violated its Aug low at 1831.00, but so far has not followed-through to the downside, which might be an initial sign of near-term exhaustion.

That said, however, ES must climb and sustain above 1864.00 into the final hour of trading for my work to trigger preliminary signals that a tradeable turn is in the works.

Otherwise, ES will remain vulnerable to lower-- 1800-1780 next.


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