S&P 500 futures were soft overnight and in the early morning but sprang back up on the day session open allowing a day session test of the highs from the futures highs from yesterday. While futures pulled back to around the right place for a small fourth wave, I wonder if we need to retest that area so as to have an identifiable fourth wave in the day session cash chart.
When I last posted the intraday bond chart, I was wondering if I had to live with a truncated wave [V] of iii. Well, today the bond traders are clearing up the pattern by pushing down from resistance at 127^19. Next short-term targets lower at 124^19 and 123^24.
I’m not confident in the short-term pattern in crude oil. While I do think it likely a wave iv, I don’t know if it will look like as depicted in this chart, as a triangle, or push a bit higher. Near-term resistance at 72.20 and 73.10.