This is shaping up to be a pivotal session in both ES (Emini S&P 500) and Oil.
Let's notice that ES is bumping up against its month-long resistance line, now at 2100, which also represents the upper-boundary line of a developing Megaphone-type, potential, broadening-top formation.
The ability of ES to hold and to hurdle 2100 will invalidate the broadening-top formation, and will argue for still-higher prices that will fully retest the May 2015 high at 2134.
Conversely, a decline that breaks 2086 will trigger initial sell signals, and will lock-in the current rally from 2030.75 to 2100.00 as complete.
As for Oil, it has regained its pre-Doha level around $40.50, and has preserved the larger April advance off of the $35.24 low, which my work argues initiated a new upleg that points to $45 next.
Only a break below $37.60 will begin to compromise my bullish, near-term outlook for Oil.
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