S&P 500 futures made a minor new high just before 10am today against the 4404.25 to 4406.50 resistance zone. I’m marking the high this morning as wave [III] and the current decline as (A) of wave [IV]. There has been some bounce from the 4375.25 target though I can’t conclusively rule out an attempt to test the lower support at 4369.75. For a (B) wave bounce, think something along the lines of 4391.25 or 4395.25.
Checking in on bonds, ZB is poking to a new swing high which is technically good enough to complete the pattern, but I’d like to see ZB test 115^23. Net, late to get long in the short-term, better to raise stops on existing long positions. Maybe a little early to attempt a fade.
Crude is continuing lower as it is breaking through the 76.50 target and now on its way to 74.60. Allow for a bounce in a wave (IV) relatively soon.