Watch the oil markets for they may be giving us a sign that the markets are going higher

We have good a break above the $60 level on nymex oil futures. I brought this chart to your guys attention a couple post below and stated that if the oil market continues to rally that the markets shall follow. We have not got that trade were higher oil prices are bad for the consumer as of yet. So far high oil prices have been seen as a good sign of the economy. Now we are not sure when the market will feel higher prices are bad for the consumer, but until then this is a positive for the markets and you guys need to be paying attention to these two charts below.

11:58 pm

Oil futures( Looking for confirmed move higher going into tomorrow )



ERX ( looking for confirmed break above trendline )