The S&P 500 pushed up on the open but stalled shortly after 10am after testing resistance at 4128 at which point they gave back the initial morning gain and bit more. SPX is a bit extended up here but I can’t rule out a try for the 4142 to 4147 area as long as the 4106 to 4099 zone holds as support. This zone is comprised of a minor retrace of the advance from March 28th low to this high and a larger scale retrace of the move between the early February high and March 13th low. Due to some other cycle work not shown, I’m amenable to a high being set today but need proof like a drop under 4099 initially, and later 4063 before getting overly excited.
Since everyone is no doubt interested in crude oil, here is a peek at my current thinking. As I mentioned last night, the OPEC+ news busted my prior wave count. Now I’m working with this as being late in the first leg of a iv in an ending diagonal. Cycles and momentum suggest that it best to give CL a chance to tap the next overhead target at 81.50 say overnight or tomorrow.
You know that I am keen on a DX reversal up and a Euro reversal down. So far Euro is staying under 1.0984 but bears really need it to drop under and push away from 1.0930.