S&P 500 futures were soft overnight and into the early morning waiting till around 6:30am to begin to firm up. There was a buying flurry after the cash open but didn’t last long and topped out with an intraday cycle near 10am. I’m treating today as low degree fourth wave in development. I think there is a fair chance the wave (IV) low has been set against 4034 SPX. Short-term bulls start to have problems if SPX drops under 4016.
It is interesting that crude is attempting to push down away from a possible triple top. Would be bears now need to see a lower high develop against 79.60 or 80.75.