ES Vulnerable To Another Loop Down; Oil Poised For Upside

Good Tuesday Morning, MPTraders!  August 29, 2023-- Pre-Market Update: T-minus 3 Trading Sessions remaining in the month of August... Economic Data: JOLTS (Job Openings) at 10 AM ET... 

Are the indices (ES) about to start a Turnaround Tuesday, pivoting to the downside from the Friday-Monday rally (4365.25 low after Powell's Jackson Hole speech to 4454.25, or +2% in Tuesday early AM, overnight trading)? 

My attached Hourly Chart continues to indicate to me that unless and until ES climbs to and above key resistance lodged from 4462 (the dominant down trendline from 8/01) to 4485.50 (the post-NVDA earnings rally high), the bears remain in directional control. 

In the absence of a climb through and above the resistance mentioned above, ES is vulnerable to another loop down to again probe the critical 4-week bear phase support zone from 4370 to 4350, which if violated and sustained, will project a rapid decline directly to test the next lower Big Figure at 4300... Last is 4439.00...

Over in the Oil Patch, October WTI Crude exhibits a near AND intermediate-term setup that is poised for upside acceleration to and above key multi-month resistance at 84.00/40, which will trigger much higher upside potential into the mid-90's (see my attached chart). As long as any acute weakness is contained above a cluster of August pullback lows from 77.60 to 78.15, my suspicion is that into month-end, The Street will want to get longer Oil and Oil equity names (ETFs)... Last in Oct. Crude is 80.53