The Day Ahead: AM Edition 2021-03-11

Was the low in S&P 500 last week yet another fourth?

Bonds

You can squint a little and see a possible five waves up from the low into just under the next resist at 158^26. The nano structure of the last leg isn’t the best but we will see. Initial support at 157^24 is being fought over as I type but overall expect lower while under 158^15 to test 157^01 or 156^19. A new low is certainly technically possible…