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The E-SPM and NYMEX Crude Oil are on Convergent Paths, For a Change....
The e-SPM has violated important near-term support today at 2077/76, and has followed-through to the downside to 2060.25, poised for more weakness that could test more important support along the Feb-Mar up trendline, now at 2052.25, which must contain additional weakness to avert inflicting serious technical damage to the post-Feb bull move.
As long as the trendline remains viable support, the dominant trend will remain up (even if it does not feel like it!).
As for Crude Oil, for the second time in as many days, it has broken out of its near-term base-like pattern, and should be heading towards a test of $50.00 next.
