The S&P 500 has so far held above the lows from yesterday and advanced into the hourly 20 EMA. I still favor one more low while under 4266 so as to let SPX test roughly 4200 and specifically 4195 so as to complete wave iii. After that new low, we then need to allow for a choppy bounce that may reach for 4297 or 4338.
Nice reaction from an overnight test of 109^19 in bonds. Now to see if ZB can base a bit to form a higher low. Perhaps ZB will use old resistance at 111^05 or 110^22 as support.
Pretty impressive drop today in crude. I’m thinking this is close to a wave (III) low which implies a minor bounce and one more low to complete the first impulse down.