Our view on crude oil has not changed since our last discussion. We are still looking to buy because of the current uptrend and strong bullish momentum in this commodity.

Notice the key support/buy zone between $47.70 a barrel and $49.30 a barrel. Also notice that the price bounced up from the 21-day exponential moving average (blue line). 

So long as the price of crude remains at or above that support area, we would look at any weakness as a buying opportunity. 

Upside targets are at $54.80 and beyond if bulls remain in control.

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As for stocks, we have a neutral to upward bias on the S&P 500I:GSPC after last week's rejection off the lows. Notice the pin bar at the 2107 area from last week and the two subsequent minor bullish reversals in succession late last week. They saw the index bounce off 2125 and close at 2135.

There's potential for some upside here into 2160 at the top of the recent range, offering a 1-to-2 risk-to-reward ratio for savvy traders. One way to play it this week would be to look for a potential long entry on a short-term pullback and ride the index higher into top of the range. However, a close below the pin bar's low on the chart below would invalidate the range and cause us to change our bias.

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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.