Looking at S&P 500 futures, this is just exploring the range as the recent high was tested early in the morning and the low tested mid-afternoon. While above 4268.25 and 4258.00, bulls still have a chance to drive to a minor new high. Could this just turn into a topping formation? Possible but given that there is little news this week, as much as I hate it, probably best to give bulls the benefit of the doubt in the short-term.
Looking at crude oil, up as expected but I’m warming up to the idea that wave [B] still has some life left in it. Will see in CL can grind over 72.95 toward 74.30. A drop under 72.50 is a minor negative for the short-term bullish case.
Euro started the day strong, acting like is was ready to get started moving up in [C] of ii but has fallen back to 1.0707. Not a showstopper but a minor negative. If Euro spends time under 1.0707, it is possible that the [B] wave low is not yet set.
Bonds doing great today as they stayed on plan by thrusting down from 128^16 in wave (III) of [V] of iii. Next targets at 125^25 and 125^02.