S&P 500 futures started to slide in the very early morning today and accelerated lower into the day session open. Here, support at 4103.00 and a prior wave (I) high was tested before futures firmed up and began to grind higher to recover much of the early morning decline. I put the low today as the absolute limit for a low degree wave (IV) and the rise since as wave (V) up in progress. Provided the market can hold above 4128.00, I’m inclined to give bulls the benefit of the doubt and try for 4149.25 and later 4163.25, perhaps late in the day.
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