Bonds
Very little movement in ZB as it waits for the news tomorrow morning. I still have a bias to a better bounce but admit the case for it is weakening.
Crude Oil
It is a negative for bulls in CL that 73.10 is being rejected today. I’m tempted to call that the wave ii high though it is very aggressive. The prudent course for a CL bear is to look for further weakness such as a break under 69.50 prior to pushing for the next major leg down to begin
Euro
Finally seeing some signs of life out of the Euro for a better bounce in wave ii.
Gold
Gold is soft today, but I still hesitate to call for the next major leg down to start prior to a better bounce. Perhaps we are seeing a ‘B of (II)’ in development. Targets for ‘B’ at 2069.60, 2025.20, and 2019.30.
S&P 500 Futures
There was some selling through the early morning but was reversed post 10am. It looks like the 4808.25 to 4810.25 area will act like a magnet. If the market pushes past 4810.25 in anything more than a brief poke, 4821.50 is the next target. I favor 4810.25 to 4791.50 being the range for the day as people wait for the CPI number tomorrow morning.