S&P 500 futures rose before the open this morning in the anticipated possible (C) of [II] such that cash opened up against the first wave [II] target of 4013. There was one attempt to buy the pullback post 10am but failed to achieve a new high on the day. Since then, it has been a steady drift lower in what looks like the early stages of wave [III] down. Provided any small bounce stays under 3995, odds favor retesting the lows from yesterday if not exceeding it later today. The NFP tomorrow morning may bring an acceleration lower early on Friday with 3953 an initial target though I’m more interested in 3913 and 3885.
Crude popped up early to test resist at 77.60 after which CL has been weak and starting to break under prior support at 76.50. Next step down is at 74.35.