The GLD is in the process of making a serious upside reversal off of its low earlier today at 62.00, while oil prices too have recovered impressively.  Meanwhile, the major equity market ETF's have bounced off of their lows and likely will range-trade into tomorrow's Employment Report.

Todayââ,¬â"¢s low in crude oil at 61.55 tested Tuesdayââ,¬â"¢s low at 61.53, which contained the onslaught and provided the floor for an upside pivot reversal that so far has propelled prices into positive territory at 62.45.  Letââ,¬â"¢s notice that to really trigger upside acceleration, oil prices need to hurdle and sustain above 62.70, which should ignite a thrust towards the prior high at 63.84 (on the way to 65).

Only a failure to hurdle 62.70 followed by a break below 61.50 will invalidate the constructive pattern.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.