S&P 500 futures made a high before the day session open and drifted lower into about 11am. Next we had a three wave bounce for a possible corrective lower high at which point the news that the BoJ will discuss tweaking YCC to allow rates over 0.5% hit the wires acting as the nudge to get selling started. Support at 4599.75 and 4593.25, perhaps even 4584.25 if bears really push. I’m tentatively treating the current decline as an intraday third in development. Ideally bears keep some pressure on prices till late in the day.
Checking in on bonds we see that they stayed on plan with a drop lower today to test lower targets for a possible [B] wave. Now testing 124^03 as I type. Can’t rule out lower to 123^12 but recommend lowering stops if short.
Euro is tricky. Euro poked over 1.1149 and fell lower. Not sure if I should treat the retrace up as a ii or a [IV] with the new low as [I]. I’ll think about it more this evening.