S&P 500 futures rose pre-opening but slipped after the 8:30 econ data. I’m treating the action this morning as a possible wave II or B and coiling up for a breakup in III or C. Over 4158.25 in futures is a positive and should enable a try at pushing to at least 4174.75 and likely more, say 4186.25 or 4201.25.
Crude fell below support needed for a fourth wave which forces me to fall back to an alternate I mentioned a day or two ago which treats this high as a ‘B of (B)’ and now down in ‘C of (B)’. Next major support is at 70.30.
Bonds still soft but should be nearing the end of wave [III]. Prefer a little lower but a good idea to lower stops if short.
Euro leaning on the 1.0730 support but a good idea to lower stops if short. Next lower support at 1.0700.
Gold soft this morning as it dropped through 1956.30 and now testing 1944.30. Thus far, the drop from 1989.00 is a three wave move which could mean this is a (B) wave low in a wave [II].