If nothing else, Thursday's decline followed by Friday morning's bounce reinforces just how stubbornly the Emini S&P 500 remains on the downside -- and how easily it rallies.
In the absence of a break below 2150, which held Thursday's decline from 2170, the dominant post-Brexit uptrend will remain intact as the path of least resistance is still -- remarkably -- up.
Barring a break below 2150, more strength in Emini to the 2195-2200 target zone cannot be ruled out.
As for oil, if this week's lows at $43.69 and $44.25 are a double bottom setup to conclude the June-July correction, then crude must climb and sustain above resistance, lodged around $46.
At the moment, the oil bears still have directional control.
