S&P 500 futures tested the late afternoon low from Friday this morning before the open and have rallied since. I was originally looking for a test of the lower end of the wider range but alas, no. However, this is consistent with the view that we probably have a rise into Tuesday afternoon in anticipation of Nvidia earnings after the bell tomorrow. In the short term, I’m assuming this is a low degree third in progress up off the morning low. 4558.75 was the first target but has since climbed past as I type. Next wave III target is at 4567.00. Can’t be enthusiastic about trying to chase but might be a little early to fade. Might watch 4561.25 as another resist that is not on the following chart.
Bonds teased lower as they poked a bit under 115^03 before firming up and now back up at the top of the range. Will see if they can make a push for 116^21 tomorrow.
CL also extending higher today but I caution against chasing at this point as it should be late in the first leg of a wave ii retrace. Yes, the next target is higher at 79.05 but approaching the prior bounce high so natural that it slows down. The next major move should be a retrace down to attempt to form a higher low to that of November 16 but not sure it can make much progress on that in the holiday shortened week.