Let’s start with the current S&P 500 futures 240-minute chart. As I mentioned last night, it looked like the S&P 500 would put pressure on the top of the range and could push just past toward 4048.75 or 4056.50. Well, here we are with a minor poke over 4048.75 before falling back under it. While above 4033.50, a fade is aggressive but a very good place to lock something in if long.
Taking a look at cash, as much as I would like the market to move lower, probably should wait till back under 3999 to take action if looking to short.
I’m watching Euro closely for a lower high. The ascent is slowing but don’t quite have evidence of a reversal. A drop under 1.0849 should suffice.
I also mentioned last night that there might be an opportunity to fade CL after the crude number. Well, a decent attempt to press down from 72.60 but still above 72.60 and a 20 EMA on this time frame. Bears are in better shape when CL drops under 72.60.
Little movement in ZB today. A brief move lower but recovered. Might need a little bounce before trying to push for 128^20.