S&P 500 futures crept up overnight to test the bottom of the next resistance zone of 4430.50 to 4435.25 right before the CPI. That was followed by a push down from the number to a low around 10:00. Since then, there has been a bounce back to just under the October 10th high. I’d like to give bears a chance to come back in this afternoon and push back toward the low.
Contrast the above with a 15-minute E-Mini Dow chart from my intraday chart space. YM has been pretty soft today, almost testing the low from yesterday before the bounce. Now running into moving averages with the RSI back at the top of the range. If bears are to show up again today, this is their chance.
And for more contrast, here is a 3-minute E-Mini Nasdaq 100 chart. You can see that NQ is still trying to hold. NQ is wedgy which can either mark an end of the move, which I prefer in this case, or mark the start of a squeeze up. I like lower but don’t fight against a rise if NQ starts to come out of the top of the wedge.
I like what crude is doing today as it sells off from a test of the 20 EMA on a 240-minute chart. This is following the idea put forward last night of needing another low to complete wave ‘i’ down.
Bonds have taken a quick trip down today which is to be expected. What I don’t know is if we get a higher low from this or a new low.