CL held the low from last Friday and appears to be rising per forecast in a (B) of [B]. Initial resistance just overhead at 78.90 but I prefer it find a way to 79.50 or 80.10 before pushing down in (C) of [B].
S&P 500 has explored the range from Friday this morning starting off with a slight poke above the Friday high before falling back to retest support at 4118. While I certainly am alert to things starting to go wrong, I don’t think that is happening just yet. With headline earnings on Tuesday after the bell with Microsoft and Alphabet, I’m reluctant to rule out one last thrust up out of a possible wave (IV) of an ending diagonal. The number to beat in SPX is now 4136 which corresponds to the 20 period EMA.
Checking in on Euro, we see it held a critical support at 1.1000 early this morning and has been rising steadily since. Now up into deep a nano extension target up from the low on the 17th at 1.1076. Next past that would be 1.1103 and about as close as you can get to the prior highs. Will a lower high stick? I’d like it to but need some proof of rejection of 1.1076 first, like a drop under 1.1049.