S&P 500
S&P 500 futures opened with a big gap up and we have seen follow-through higher through the morning. I do think the upside momentum is slowing here in the afternoon so a good idea to raise stops as it tests 5095.75. Would be bears don’t have much to work with while the market is above 5080.50 and bulls are not in serious danger while the market is above 5050.00.
Bonds
ZB poked a tiny new low today before rising. Again, I favor some bounce before moving lower in ‘c of (b)’.
Crude Oil
I’ve been thinking that there would likely be a poke above 78.60 in CL and we had that today. Could it extend? Yes, but I don’t think it is required. If CL starts to spend time under 78.60, that could be an early warning of a reversal.
Euro
Euro poked up past 1.0875 but short of 1.0915 this morning and has been falling since. I think that might be enough for a wave ‘[II]’, but bears would be in better shape under 1.0795.
Gold
GC is tricky. Not clear the bounce is over. Bears need under 2023.00 for confirmation of a reversal.