S&P 500 Futures
A pretty dull day in the markets if viewed from the point of the S&P 500. Pretty much sideways overnight and came back to test an old resistance turned support at 5230.25. I maintain a mild bullish bias into the end of the day. Not sure we see a new high today, might continue to chop to wait for the PPI in the morning.
Dow Industrials
This is the 130-minute chart of the Dow that I posted in the update last night. I’m of the notion that we need to be patient and allow the Dow to make a new high. Like in S&P 500, I don’t have a wave count that I’m very confident in as it should be very late in the move up from the October low. The current high doesn’t look the best but let’s not fool ourselves, things can start to go wrong.
Nasdaq 100 Futures
If we want to see evidence of things possibly going wrong, we can look at NQ this morning. NQ fell pretty hard from a possible three wave advance, a corrective move unless in an ending diagonal, to test deep support. Since that support has been tested, there has been a minor bounce. I wouldn’t say NQ is out of near-term jeopardy until there is a little base above 18375 and even then, a lower high is possible tomorrow.
Bonds
ZB now has a possible five waves down from the March 7th high which improves the odds that a wave [II] high has been set. Will see if another lower high forms on a small bounce.
Crude Oil
The inability for CL to push to a new swing low under that of March 11th has put the idea of wave ii being set on hold. Now have to allow for a try at testing 81.15 or 81.50 over the next few days.
Euro
Sort of the same story in Euro as CL. Allowing for a retest of 1.1026 or a bit more since 1.0960 held as support.
Gold
Gold managed to stabilize above 2161.25 and thus should try to make a new swing high above that of March 8th.