S&P 500 futures
I think it very dangerous to try to eek more upside out of the market prior to a decent retrace. First support of now is around 4910 with more at 4887.00 or 4864.00 but the last two are areas to watch tomorrow. Keep in mind, there is quite a bit of news tomorrow morning.
Bonds
So far, my short-term read on bonds has been off. Yes, bigger picture, I think they need to move lower in a (b) wave, but I’ve been off on the small swings. Either this is nearing an end in ‘a’, or it starts to accelerate lower in ‘c of (b)’. Next support zone at 118^28 to 118^21.
Crude Oil
I’m starting to worry about the prospects for higher in wave ii in crude. I’ve tried to keep an upward bias for as long as I can, but it concerns me how much trouble it has been having pushing past the ‘[A] of ii’ high. Probably too early to short while above 73.90
Euro
Euro trying to bounce but keep in mind we have the ECB rate decision tomorrow morning. A little higher in a ii would be nice but might see lower first.
Gold
Gold is soft today but I’m not ready to give up on a bounce while GC is above 1999.80. Another instance where it is headed the right direction in the big picture but I’m a little off on the intraday movements.