S&P 500
I’ve scribbled in a possible five wave decline over the past few days, but I wouldn’t say it is the cleanest count. I think it is enough to be prepared for a lower high, but the market has shown remarkable resilience so be patient. Initial resist today at 5086.25 and 5093.50. A test of the initial resistance led to a small pullback. I suspect that lower value will be pushed through this afternoon.
Bonds
Bonds are in a neutral zone intraday. It is not clear to me if the bounce is complete. Would be bears need ZB under 117^31 for confirmation.
Crude Oil
CL came through with a push into the overhead target zone this morning. I can’t rule out another incursion into the target zone of 79.35 to 80.30 but wouldn’t count on it. Bears now need CL to break under 77.85 for first confirmation of a possible reversal.
Euro
Euro pushed down against the support that needs to break to confirm a reversal but bounced back up from it, thus I can’t say wave [II] is complete.
Gold
In a way, same situation in gold as Euro above. I can’t conclusively say wave (II) is complete while above 2032.05.