First Look: 2023-03-10
S&P 500 futures were soft overnight leaking lower but began to firm up in the very early morning today. There was a quick spike down on the NFP numbers that held a higher low and it has been bouncing up since.
I’ve decided to slow my count a little and treat the low today as wave (V) of [I] and this bounce as (A) of [II]. Resistance for this leg of the bounce is at 3947.00 and 3959.00. Next would be (B) wave forming say midmorning through this afternoon. As I have mentioned before, ‘B’ waves are tricky as lower lows are valid in a ‘B' wave. Net, thinking a choppy consolidation day today and maybe Monday to digest the last few days of drop.