S&P 500 futures started out slightly lower overnight and pretty much traded sideways through the early morning but that change quickly on the open. After the day session open, the market headed straight down for about two hours. There is some support at 4109.50, a square of nine derived number, but I prefer 4096.25 as a better point to get a corrective bounce started. Resist at 4118.50 and 4130.25. I’m penciling in this move as wave (III) of a developing (V) of [I] for the first impulse down from the high.
Crude Oil
I need to revise my nano crude count a little. Yes, I still think it is working down in wave v, but since I’m thinking that wave (c) is an ending diagonal, wave v will have three major components and thus think this move is toward the end of [A] of v of ending diagonal (c). Some support at 71.70 but would like to see a little lower post a bounce to 70.30 or 68.50.
Bonds
So much for my idea from last night of a completed wave ii in bonds as they held the low from April 19th and have been on a steady climb this morning. Minor bias up while above 131^08 to test 132^19 or 133^17.
Taking a quick peek at Euro, we see it wasn’t able to yet drop under 1.0993 and thus probably have to let it try to retest 1.1046 or 1.1088.