S&P 500 futures have been choppy today. We started the day with a virtual double top around an hour before the day session open which was sold fairly hard but wasn’t able to make much progress lower in the day session. Yes, there was a final new low late in the morning but popped back above a minor support at 4514.50 (not on chart) pretty quickly. Next, we see an effort in the afternoon to test the other side of the range. If bears are going to achieve a lower low in the afternoon, 4534.50 is a good place for them to take a shot. I still like the concept of a retrace prior to Thanksgiving but only a few days left.
Moving on to something that is on plan, CL bouncing hard from the test of 72.80 yesterday. Should now be in the first part of a wave ii bounce. Typical spots to start looking for the top of wave [A] are at 76.85 and 79.05.
Bonds
ZB drifted to a minor new high today, but I caution against being long. Bears need ZB to drop under 115^03 to get traction on a retrace.