The Nymex crude oil futures market early this week hit a seven-week high and bulls have the overall near-term technical advantage. That means the path of least resistance for prices will be sideways to higher in the near term. However, price action has also been choppy and volatile lately. Expect more of the same. Bears will have to produce multiple daily closes below major psychological support at $100.00 a barrel to the suggest a major market top is in place for Nymex crude. Stay tuned! —Jim Wyckoff