S&P 500 futures followed the hypothesis put forward in my post last night by pushing for a new swing low, achieving another tap of the 50% extension of the Schiff channel. While at resistance at 4458.25, I worry that futures push past later in the day and try to push for 4470.50.
Looking at the cash chart, perhaps we need to let the 20 period EMA to slide lower and for price to ease up into it.
Taking a quick peek at crude, we see that the current swing high is holding, and CL is leaning on the 86.60 support. If 86.60 fails, allow for a push for 85.50 if not 84.20.
Not much to see in bonds today. I’d call it sideways with a minor bias up for a small bounce.