While I’m not shocked that S&P 500 futures are trying to hold the 4748.25 level, I’d rather they eventually find a way lower, but I don’t know if they will break down toward 4725.25 or 4711.25 today. They may very well spend the rest of today trying to bounce. Over 4770.25 invites higher to test 4785.00. The next major econ numbers are tomorrow morning and thus think the market tries to hold today.
Nice to see bonds drifting lower from 124^20 but bears can’t get excited till under 123^08.
Tricky situation in CL. Yes, they retraced from the high near 75.53 which is a good place for an [A], but the retrace is a little shallow but might be good enough for [B]. Net, I think it is safer to think about a buy at this point but can’t rule out another test of support. Like the equity indices, I think the better trade opportunity is tomorrow morning and hence if flat, might stay that way.