The outstanding move today is in CL as it is on track moving lower. Certainly getting overextended in the very short term but reasonable to expect crude to try to stretch for the next major target down at 64.20. Resistance for any bounce at 67.80 and 68.55.
The other interesting and important move today is the softness in Euro or otherwise said, returning strength in USD. Euro sliced through the supports this morning and is now retesting the March 8th low. A small retrace is reasonable but prefer a new low to complete the first impulse down from wave (ii). Resistance for a bounce at 1.0641 and 1.0672.
For S&P 500, I’m going to post two intraday futures charts to get the overall idea across. First a 240-minute chart. I’m labeling this as early in a [V] of iii down.
And next a 24-minute chart to get a feel for the smaller swings. Could a low degree wave two have completed this morning?