Pretty wild morning as S&P 500 futures popped up on the CPI number but promptly began to fade after a minor new high over that of April 4th. That selling ran into the day session erasing the advance from the CPI and more. The bad news is SPX found support at 4093 which corresponds to a test of a channel and since above the high from yesterday, gave bulls incentive to attempt to buy again. that buying ran into the middle of the afternoon. As much as I hate it, I have to allow SPX a chance to push to 4147 while above 4109.
I do like how bonds behaved this morning, quickly reversing the initial pop and pushing down to near 131^06. However, I wonder if that constitutes the first tiny impulse down and now have to allow a bounce before breaking lower.
Crude broke up out of the sideways formation today. I can’t get excited about buying with negative divergence present but can’t pound the table for a fade while above 82.60.