Happy to see the S&P 500 leaking lower. Yes, there was a retest of the early morning pre-market high near the open, but after that, the market slid lower into the early afternoon. I think this is a pretty good target zone for the market prior to the FOMC minutes at 14:00. I certainly would like lower but may have to wait till after the FOMC minutes to get there. I’m treating this as the early stages of a wave [B] down.
A quick look at crude, CL came through with the move down from 86.60 in a possible [B] of ii. If short, consider locking something in. The aggressive trader may look for a long trade and see if they can catch a [C] of ii up.