Oil Hits Our First Upside Target Window

Good Thursday Morning, MPTraders!  April 2, 2026-- Pre-Market Update:  Today is the final session of the week. Market's are closed tomorrow for Good Friday... Tomorrow at 8:30 AM ET, the Gov't releases the March Jobs Report (to be discussed later this AM)...

-- If President Trump intended to imbue the financial markets with confidence about an end to the Iran War, well, whatever he said or did not say had the opposite effect...

Front month May NYMEX Crude Oil rocketed from 97.50 just before Trump's speech to a high-- as I am typing this post-- at 112.77 (+15.7%) so far this AM, which we see on my attached 15 Minute Chart has satisfied my next higher target window. 

Purely from a pattern perspective, I am expecting May Crude to put in an intraday peak in and around 112.00, then pull back to the 106-108 area before launching again toward a retest of the March high-zone at 115.50 to 118.80...

Meanwhile, equity futures are down 1.50%. My attached 15 Minute Chart shows ES nosediving right after Trump's speech began, embarking on a deep correction of the Tuesday-Wednesday 4.7% upmove. So far, at the pre-market low of 6503.75, ES has retraced exactly 50% of the two-day advance. 

I am expecting a bounce off of the 50% retracement level (6503.75) into the 6560/80 resistance area followed by another bout of weakness that presses to a lower-corrective-low that projects to my next key upside pivot window at 6450/80... Last is 6521.75...