The S&P 500 retested the low from yesterday this morning and is attempting to bounce. Minor resistance at 4004 is holding for now and may continue to hold into the FOMC minutes. Over 4004 enables a better bounce in what I’m labeling a wave [IV] to test 4025 or 4045. Overall prefer another swing down from a bounce or consolidation into tomorrow or Friday to complete a fractal.
CL is soft today as it pushes down to test the top of the support range from the chart I posted last night at 74.35 to 73.45. I favor a bounce from this area before extending lower.
Overall happy with ZB trying to climb out of the hole but can’t rule out another test of lower supports while under 125^03.