Finally getting a thrust down out of the sideways pattern bonds have been stuck in for most of the month. I’m penciling in this thrust as working on wave [V] of iii with targets around 125^02 or 124^04.
That move in bonds may be putting a damper on the forecast for the S&P 500 rising into the long holiday weekend. S&P 500 futures stumbled on the early economic numbers but put in a decent rally from the cash open to just above the 4432.25 resistance. While above 4409.75, I favor yet higher but new highs over that of June 16th are not a sure thing.
Gold poked under the first support mentioned in the post from last night at 1912.25 but recovered pretty quickly this morning. Might have the [A] wave low set. First step for short term bulls is to recover 1919.30.