The Emini S&P 500 has almost reached my next target zone of 2150 and more importantly, is pushing up to the 2150/55 zone, which if hurdled, will argue that the up-move above the top of the April-July Megaphone formation is confirmed. And that would mean that at the June 27 turn, ES started a new bull-market up-leg 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.
Crude Oil, for its part, continues to rocket off of Monday's low at $44.45 and is approaching a test of nearest resistance at $47.20, which if hurdled and sustained, will point oil toward another test of the $49-$50 resistance zone.
