S&P 500 futures have been net sideways overnight and this morning. While 4599.25 holds, I expect an attempt to push into late afternoon. I don’t know if it will be to a new high or stall at 4627.75. A hypothesis I’ve been thinking about for this week is a move lower early to midweek followed by an advance into Thursday afternoon when we have Apple and Amazon earnings after the bell. The question is do we need a minor new high before moving lower or do they reject 4627.75 and push for 4537.25 or lower on Tuesday or Wednesday? We will see how they behave late this afternoon and see if they give us a clue.
Checking in on bonds, they look to be rising out of support at 123^12 and thus possibly rising in wave [C] of iv.
Crude has pushed past 81.00 opening the door to 83.00 but I council caution if trading long. If CL begins to slip back under 81.00, I wouldn’t count on a test of 83.00.