CL stalling around the 20 period EMA as expected. Now to see if a higher low can form against 70.30 to 70.00 and later target 72.20 and higher later in the week.
Bonds are starting to drop under the shelf but at minor support of 128^24 as I type. If this is early in a wave iii down, any bounce should be minimal, and this leg should extend to at least 127^26 if not 126^20.
Gold doing a great job and pushing away from 2026.75 and heading toward 1984.15 and prior lows. I would like to see gold push to a swing low under that of April 19 for the first impulse down from the wave (iv) high.
And last, the S&P 500. As much as I really want to be very bearish, I keep repeating to myself, “Don’t short a dull market.” The 20 period EMA has been pretty flat for six days now. Yes, I think bad things can happen but I don’t see a completed bearish pattern yet and thus am forced to allow SPX to try to reach up to 4155 or 4168. If SPX starts to fall and spends time under 4100, maybe that can act as confirmation of a reversal lower. Until then, either close your eyes and hold long or more wisely, take your hands of the mouse and watch.