S&P 500 Futures
Tricky situation here in the S&P 500. Futures ramped up on the 8:30 economic releases but bears came in to sell around 10:00. It was looking pretty good for bears as they took away most of the early gain. The problems started when futures came back to the 5071.00 area where bulls came back with some force. What is the pattern? I’m not sure. I’d say bulls are in control if 5096.50 fails as resistance.
Bonds
I think it would be easy enough to call the morning high in ZB wave [II], but need to see bears apply pressure soon.
Crude Oil
So far, CL is being held back by 79.35. CL under 78.60 could be an early warning of a reversal with better confirmation at 77.60.
Euro
The good news for the bearish forecast is that the Euro is under 1.0815. The bad news is that is isn’t conclusive as only a poke so far.
Gold
Acting like gold is late in a low degree fifth wave up from the consolidation it has been trapped in for the last week.