Crude continues to work down toward the targets I posted last night of 78.15 and perhaps 76.10. I’m penciling this in as a possible (A) of [B] of iv late in development. Probably a little too early to shop for a bounce but a good idea to lower stops if short.
I’m on alert for a lower high developing in Euro. Euro started lower early today but bounced back up into resistance at 1.1000 and 1.1028.
The S&P 500 started lower today leaving a gap but a fake out move as they are working to refill the overhead gap. Looking at the 65-minute SPX chart, we see that the 20 EMA held the market up. I suppose there is a minor bias up to fill the cash gap at 4154. Higher is possible but that is the first step. Other points of interest higher at 4161 and 4176. If this is late in an ending diagonal, there should be three waves up to a new swing high over that of yesterday.