I’m marking the action from the late day high on Friday through this morning as a small wave four consolidation. This implies a new swing high over that of Friday later today or on Tuesday. Short-term bulls are not in any serious trouble while above 4134.25 in S&P 500 futures though do need to punch up through 4154.00 to take tests of lower support off the table.
Checking in on bonds, it is nice to see the move lower today but can’t rule out another small bounce prior to dropping through 129^12.
Euro has slipped a little this morning but probably too early to make much of it. At this point we probably need to see a drop under 1.0980 before feeling good about a reversal lower.
Crude is up today but I caution against trying to chase it up at this point. Might get a tap of 74.05, but late in the first step of a [B] wave bounce.