S&P 500 futures have been trading sideways overnight and into the day session today. I favor a relatively minor pullback at some point today and a recovery tomorrow or Wednesday. I suspect that 4367.75 acts as a magnet at which point the market makes a decision to either pop to a new swing high from there or have the slightly larger correction kick in.
ZB has come through with the minor retrace and now at the top support of 112^30. Could still drop a bit more in general lean to letting ZB try to push for a minor new swing high before a more major retrace.
As I mentioned in my post last night on the weekly crude chart, I’m starting to think that I may need to adjust the way I’m counting the decline from the late September high. I haven’t changed it on this chart yet, but I’m starting to wonder if I should think about an ending diagonal which would mean that ‘i’ would move to the right and probably be lower than where we are here. I’ll think more about it later when I post daily charts.