A weak morning as we get a gap down but found support at 4363, one of the main places to shop for a wave (IV) low in price, the other being 4320. I’m inclined to allow for an afternoon bounce to test 4392 and perhaps more. First step for bulls is to recover 4377. Can things go wrong? You bet, the equity markets are certainly nearing a point where we can see a significant retrace, but I can’t pound the table for a reversal lower till SPX is under 4320.
Bonds being stubborn. Acting like they want to push past 128^15.
I posted last night that it looked like gold was close to a wave ‘a’ low and we had GC test first support at 1931.40 and quickly recover. Over 1951.01 likely means that a ‘b’ wave up is getting started.