S&P 500 started the day with a minor gap up but started to be leaned into by bears after 10am. I am still reluctant to pound the table for the high being in while above 4320 but bulls are running out of runway. I prefer an attempt to rise up into the July 4th holiday. First step for would be bulls is to recover 4344 and later 4357.
Here is the 240-minute futures chart as well.
Just as I’m willing to give the S&P 500 a chance to bounce back into the next long weekend, I think crude can come back into the wider range. Right now, CL is up against the 20 period EMA on the 240-minute chart. Next step up over that is 71.10.
I’d like to see Euro make another swing low on the intraday chart so as to have a better looking five-wave count down from the recent high. Short term resistance at 1.0955 and 1.0977.