CL has been spending the early morning grinding up from a test of the 20 EMA and is now bumping up against prior highs. Short-term bulls need to hold 73.25 and try to push for 74.90 tomorrow.
ZB slipped a bit under 126^20 but is recovering. I still like the wave [IV] bounce thesis but needs over 126^30 to get started.
S&P 500 opened under the 20 EMA which set a negative tone in the morning, but I can’t pound the table for lower just yet as SPX is trying to hold above a zone that would create intraday overlap. Best that short-term bulls defend 4156 and recover 4171 this afternoon. I’m not a purist with my wave counting, as I can overlook a little overlap in an intraday chart but certainly not ideal.