S&P 500 Futures
My thesis last Friday was that we were due for a consolidation in the major indices and that looks to be leaking into today. Initial support at 5091.75 has been tested several times. I’m not sure it will hold but may if the Nasdaq 100 futures can drift higher. Critical short-term support is at 5076.50. And as I have been repeating frequently, we are very late in the development of this fractal and thus buying retraces is not as easy as earlier in the form.
Bonds
Nice to see ZB pushing down away from 119^21 as I mentioned in my post last night, I worry that in the bigger picture we may be running out of time for ZB to push lower in wave ‘c of (b)’ and thus prefer bears take action and get a push down done while they have time.
Crude Oil
CL bulls came in again to save it at critical support at 76.15 in this case. Overhead targets to watch tomorrow and Wednesday at 79.35 and 80.30.
Euro
As much as I would like the wave ‘[II]’ high to be set, I can’t pound the table for a reversal till Euro is under 1.0815.
Gold
My short-term view on gold is pretty similar to the above in Euro, that I can’t conclusively say that the wave (II) is complete. Bears need GC under 2032.05 for first confirmation.