S&P 500 Futures
S&P 500 futures have spent the morning trapped between 4973.00 and 4986.25. At the 20-year bond auction, equity markets initially spike down but was reversed pretty quickly. On balance, I still favor an upside break of 4986.25 but probably have to wait till after the FOMC minutes. Bigger picture, I don’t think we can say bears are fully in control while above 4955.00, hence why I have a bias to up. Can things go wrong? Absolutely.
Bonds
ZB has been trading sideways. In the short term, I worry about a bounce. Bigger picture, I expect lower in ‘c of (b)’.
Crude Oil
CL fell under 76.75 very early this morning but recovered later in the morning. While above 75.90, I have to give bulls the benefit of the doubt, but I do think we are very late wave ii.
Euro
Euro is moving sideways under 1.0835. While above 1.0790, I favor giving Euro a chance to bounce higher.
Gold
Gold fell back to the 2033.00 support today. Also have the 20 period EMA right under that. While above 2033.00, my bias is to a bit higher in wave ‘(II)’.