Before moving on to the S&P 500, let us look at crude oil. CL bounced from 74.20 to test initial resistance at 75.23 which in turn brought in selling to retest the recent low. That low is in turn bought which brings us up to the present. I’m penciling this in as a wave iv consolidation prior to a final low to complete the first impulse down. I’d feel better about buying for a better bounce on another low though it is late in the overall pattern.
Bonds are also interesting as bears are successfully pushing down under 130^24. Next major point of interest is at 129^12.
Also, a minor win for bears in Euro as it is starting to drop under 1.1046. Next point of interest in Euro is at 1.0989.
Getting to the S&P 500, SPX has put in a strong move up today, more than I expected. Probably best to not be quick to shop for a fade. I’m calling this an ‘(A) of [II]’ in the late stages of development. Will see if we get a lower established by early next week.