The Day Ahead: AM Edition 2021-11-09

Failed continuation pattern in S&P 500 results in a weak morning

Bonds

ZB comes through with the expected move higher after reversing after testing support at 162^05. Short term bulls should lock in profits on this rise. There are now five moves up from the November 3rd low making this high a candidate for ‘(III) of [C]’ which implies a retrace in (IV) is due soon. Probably too soon to attempt a fade till back under 1…