A bit of a fake out move this morning in the S&P 500 as it gapped up and tripped, falling back to retest the high from Friday. I have been treating the bounce up from the low last week as a possible fourth and thinking we would see lower early this week in wave (V) but with the move up overnight in futures, I’m thinking it looks more like a wave [II] in development. Since SPX is holding above the 20 EMA, I have to give the bulls the benefit of the doubt and at least let them try to recover from the early morning selling and test 4484 for a possible lower high. Over 4484 would facilitate a retest of the 4492-95 overhead resistance range.
Nice to see ZB trying to push down from 119^31 but probably can’t read too much into it while above the low from last week.
Not much change in CL today. Yes, CL has moved higher than I expected, but I can’t be bullish in this area.