First Look: 2022-11-01
S&P 500 futures were doing well overnight which led to a push up into the resistance zone of 3920.00 to 3930.50 this morning right before the open. Next, we had a sell off on the econ data at 9:45 and 10:00. I don’t find anything surprising about this softness in the morning. What I’m uncertain about is if I should treat this drop as the early part of a wave iv or the last part of a wave iv. In general, favor lower so we have a discernable wave iv in the day session charts. Will see if futures stay under 3886.50 to 3892.00 and push lower later in the day toward 3844.75. The aggressive bearish interpretation would have this drop as early in [c] down with a likely thrust down after the FOMC tomorrow, but that is getting ahead of the game a bit.