My thesis for today has been a consolidation to form today before working on the next leg lower. The S&P 500 had a slip this morning away from the target zone but was short lived. I’m looking for something a little more identifiable on an hourly chart. Would be short-term bears need SPX to drop under 4509 for confirmation that a wave (IV) is taking place.
Other thing I’m keeping an eye on is Euro as I’m looking for a lower high to form in the next few days. Today we had the Euro spring up to the next resistance target of 1.0950. I wonder if they drift lower to sideways and try to push for 1.0970 - 1.0980 tomorrow or Friday.
Checking in on CL, we see that there was a drop to retest old resistance turned support at 80.80 before pushing up against the resistance at 81.60. Probably best to allow bulls to try for 82.80 if they can build a little base above 61.60.
ZB still looks toppy to me in a possible wave [IV] high. Bears need ZB to spend time under 120^29 for first confirmation.