Today is about what one would expect in the S&P 500, a mild bullish bias while waiting for the economic data on Wednesday and Thursday morning. S&P 500 futures started the day with a minor retrace to test old resistance now support at 4442.00 before climbing up to test a descending trend line and resistance at 4461.00 just before noon. I imagine we have seen the majority of the range for the day and think it likely the afternoon is basically sideways with a minor positive bias. Ideally, we see the pattern clear up tomorrow or Thursday with a push up over the next round number. If they fail to get a new high, I think it best to assume we are transitioning to a sell the bounces environment.
Bonds are pushing up against the line in the sand for short term bears where they need to send ZB lower to finish off [V] of iii or concede that the wave iii low is already in and now bouncing in the early stages of wave iv.
Gold trying to bounce up out of the hole. Prefer an eventual better bounce up above 1948.25 but need not be in a hurry.