The plan put forward last night for a lower high today in the S&P 500 has worked out so far with futures falling away from a retest of the bounce high from yesterday. As I type, we see S&P 500 futures gliding down toward the first target at 4543.75. I would think there is a small bounce from either 4543.75 or 4543.75 followed by a new swing low tomorrow before a more meaningful bounce.
The star of the show is crude which ran up to the targets that I posted last night and fell hard away from 79.50. I think the chances are good that we either have set a wave ii high or possibly a wave iv high in an alternate and now down in iii or v. Will see if we get a push down away from 76.60 or 77.40 toward 73.05 over the next day or so.
Checking in on bonds, ZB is sliding lower and now resting on the first hurdle for would be bears to overcome at 116^15.