CL slipped under the 68.60 support level this morning for a quick tap of 67.30 before a brisk recovery. I’m penciling that in as a C of (B) candidate low. Now need to see if crude traders can establish a higher low on the API numbers later today.
Checking in on bonds, ZB holding above 128^01 a minor positive for a push to 128^31 but it is getting a little on long in the tooth in this leg up. Feels a little late to chase up but too early to be confident in a fade.
The drop in the S&P 500 this morning isn’t ideal for the case for one more minor high but neither is it a showstopper provided SPX holds above 4163. As I’m typing this, equity indices are firming up. Next hurdle for short-term bulls to clear is at 4188.
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