S&P 500 futures were soft on the Sunday evening open but could drop under the spike low from last Friday and have spent the day so far bouncing back. Looks to me to be bound by the eighth harmonics measured from the December 1st high to December 7th low. I’ve left the retrace tool on the chart so you can see how the day session morning low was held by the 1/8th level and the resistance at the 1/4th level. The market isn’t in a hurry to move prior to the CPI tomorrow morning and the FOMC on Wednesday. My preference is for lower, but the CPI will have to cooperate with that. Another option is the market rises modestly on the CPI tomorrow for a deeper retrace and the market sells off on the FOMC statement or Q&A in the press conference.
How is natural gas doing? Acting like the [b] wave low is set and early in [c] up. Here are weekly and daily charts.
Dominant weekly cycle is up into May of next year.
On the daily chart, nice rise up from the projected wave v of (c) of [b] low last week and a gap up today on the weather forecast. I don’t have enough to really work out smaller targets yet but retraces are likely buys.