S&P 500 was bid on the open but was unable to hold the gains and started to break down around 11:30. Now we see a new low on the day going into the FOMC minutes. If you recall from the update last night, that I discussed the possibility of this drop being wave i instead of a [B] wave low. That view looks even better today and thus changed my wave labels to reflect that EW wave count. As I type this, S&P 500 futures are trying to rise after a test of 4436.50 which is a wave [V]=[I] target. Not listed on the chart below, initial resistance at 4443.00 and 4449.50. First major number to beat is 4458.50.
I’m thinking that Euro is working on the same thing.