Pivotal Day For Oil Lead by BullsEveryone takes a sigh of relief after a week and a half of selling pressure and from the time that I saw the height of the last push higher it was a candidate for a head and shoulders pattern which is completed at $71- because a true head and shoulder pattern breaks below $73 support after a 3rd try but Putin threats couldn't have been timed any better down to hours it was a certainty that Oil would of broke below $73 on the back of another surplus watching traders excuse it over Putin today helps if there's a 3rd surplus above 5Mil shows that traders are focusing on having a tighter market moving forward keeping traders bullish. Right now Putin is a threat who on a whim could shutdown Oil production altogether, and if he came out with an announcement of a total shutdown of Oil we all know where Oil would head even if he said that a shutdown is coming for a 2 week period for "Maintainance" that whole time that it was shut down Oil would rally on worries of a delayed restart and he's done it in Europe with NG so this has the making of a bull market as China moves ahead, summer hits here, and Russia who wants to hurt the US with higher Oil plus everyone seems to be ratcheting Oil prices higher Iran, Russia, Asia which will build support under our market plus it adds to the bullish trend and that's what Oil needs are all areas bullish. Before Overseas exited today they drove Oil up from $74.50 to $75.70 so I can't see them driving Oil lower and the US ended up $1.60 on a day like this is a win and an Oil trend reversal could very well be the start of passing $83, I know its only the first day but this market is heating up. Today might be the most important pivotal point of the foreseeable future. Tomorrow morning 8:30am US Personal Income and Spending and Core PCE Price Index which could show a strong economy but the market already dealt with it the FEDs made sure of that so shouldn't be any surprises either good or bad numbers and we'll see how it dealt with before hitting our trading day. Looking forward to next week.