First Look: 2022-07-18

S&P 500 futures held up well on the Sunday evening open but have been slipping from around 5am. I’m penciling in this drop as a tiny fourth wave prior to one more high to finish off the first impulse up from the (b) wave low. Initial support at 3886.50 to 3877.50. Perhaps after a new high we get a somewhat deeper retrace tomorrow to form a wave ii. Net,…