Crude came through with the forecast for filling the gap this morning which triggered a pretty healthy bounce. Now we see if a higher low can form against 76.40 or 76.10. If they go for a little lower under the gap fill, next lower support is 75.10.
S&P 500 also followed the plan put forth last night calling for a new swing low this morning to complete an impulse down as futures pushed down to test the top target at 4082.00. From here, there has been a pretty decent rally up into noon. Now the fight is to see if a higher low forms. What could go wrong with a short-term bullish scenario? Well, instead of wave (IV) being set overnight, it could be at the noon high and result in a push lower into 4060.50.
Checking in on gold, GC made a brief poke up over 2009.20 before quickly reversing course. Promising action for wave [II] being complete and now early in wave [III] down. Bears take control under 1995.90 and more so under 1972.80.