S&P 500 futures fell away from the 4606.25 resistance on Sunday evening and continued to push lower through the morning today. Futures held 4554.25 and ground higher post 11am. Given the econ data that is coming out tomorrow, I’m reluctant to get overly bearish unless the market drops under 4554.25. Imagine we spend the afternoon range bound.
For something a little different, my Twitter/X feed was full of people getting excited about gold last night when I was working on charts. As you know, I remain skeptical of this advance. Well look at this, GC fell through initial support at 2078.00 and is starting to slip under the next at 2044.60. I think bears can begin to flex if they get GC under 2010.75
Bonds are slipping away from 118^11 but I can’t pound the table for a reversal till ZB is under 117^04.
I’m pretty happy with how crude is trading today as it is slipping lower to 72.30. I want to see five waves down from the November 30th bounce high for a possible wave [V] of i in the alternate count that I’m warming up to.