Was thinking on Friday that a better place in time for support to be found in CL was on Monday morning and that turned out to be the case so far. A brief excursion under 69.80 before recovering and pushing up to the 20 period EMA on the 240-minute chart and just under some Gann related resistance at 71.90. Will see if a higher low holds tomorrow for a push up toward 75.65 on Wednesday or Thursday.
What about S&P 500? Honestly, I’m not sure. Futures rose off a test of support at 4134.50 Sunday evening and pushed up to resist at 4162.00 early this morning before tripping and poking a day session low under that Sunday evening low before recovering and retesting the early morning highs. Net, it is just bouncing back and forth, probing each side of the range. I suppose aggressive bears see prices rejecting a declining trend line and will try to fade touches. I don’t have any objection to that, just caution against getting overly bearish till under 4116.00.
Checking in on Euro, seems that the tiny wave [IV] idea posited on Friday is working out. Resist at 1.0925 and 1.0951 for tomorrow.