Bonds
Not much to add to the ZB analysis as it appears to be in the middle of a wave ‘[II]’. Could see choppy sideways, even slightly lower into Friday.
Crude Oil
CL made a brief poke above the 73.90 resistance today but is now back under. Still prefer a move lower to retest the low from February 5th or even a fresh swing low prior to a better bounce. The alternative is wave [I] down is already set and this bounce is part of a wave [II].
Euro
Euro is being held back by initial resistance at 1.0806. I’m treating this a early in a wave ‘[II]’ bounce. Could easily travel sideways to slightly lower for a few days before another attempt to push up deeper in wave ‘[II]’.
Gold
I can’t be excited to buy gold but acknowledge that selling isn’t easy in this chop. GC spending time under 2051.00 could be an early warning that bears are returning.
S&P 500 Futures
The equity indices came through with the upside move early this morning. S&P 500 futures are up into a possible low degree third target area of 5016.25 to 5019.75. Fading a third wave is dangerous as they can extend but do think playing long here is a bad idea. Initial supports for a low degree fourth at 5003.50 and 4995.25.