Tuesday's action in oil vs. the S&P 500 revealed a huge, glaring, positive divergence for oil -- its first time in weeks.
Whether or not oil's relative strength will sustain itself remains to be seen.
If stocks have reached a near-term upside exhaustion and reverses sharply lower, will oil be able to preserve some or most of its gains?
Right now, my near- and medium-term work argue 'yes'; that oil's upside breakout will prevail and diverge from equity-market weakness.