First Look: 2022-07-20

S&P 500 futures retraced overnight and have mostly hugged the Globex hourly 20 EMA around the open today. On one hand, I think the market would like to head higher but perhaps we need a consolidation day ahead of the ECB tomorrow morning and Tesla TSLA 0.00%↑. There are now five easily discernable waves up from the (b) wave low so perhaps the wave i high was yeste…