Last night I was worried about the S&P 500 failing to clean up the pattern with a new high over that of May 5th but turns out my fears were unfounded as there was a push up from the CPI to test the wave [II] target of 4155. Much to the chagrin of momentum traders, SPX promptly dropped away from 4155 and back under 4143. Later in the morning, SPX erased the whole gain from the CPI and is currently pushing for a new low on the day. There will be minor bounces, but I don't see any major support till maybe 4102 or 4078 once under 4113. I would think the 4061 to 4046 area acts as a magnet but perhaps saves that for tomorrow
Crude did something similar to SPX in that it pushed to a new swing high before falling back. This high is a good candidate for the (A) wave high we have been shopping for. As I type, CL is starting to push down through the 20 period EMA. Next step is to push under 71.90.