Starting with an updated chart that I posted last night in S&P 500. I’m skeptical we have seen the wave iii low set in SPX/ES. I speculated last night that we could still be stuck in wave [IV] with the first target for at 4266 SPX. We see that there was a brief poke over 4266 today before the market took a leg down to retest the lows from yesterday. Now might just spend the rest of the day trying to hug the hourly 20 EMA around 4251.
Here is another possible way to count out the last few days of action using the futures.
Checking in on bonds, they are in a small consolidation.
Looking at crude, we see CL broke under 84.30 to push toward the next support at 82.70. I still like the idea of a minor bounce and another low to complete the impulse down.