The Day Ahead: AM Edition 2025-07-10
Equities advance after a quick dip yes
S&P 500 Futures
Sticking to the S&P 500 this morning so I can ensure this is out prior to the 8:30 news. I’ll post all the usual charts in another post this evening or very, early tomorrow.
Big picture, I still think we are relatively late in the advance from the April low. The next major inflection point is July 24th though I’m not confident it can hold that long. Next smaller inflection is either tomorrow or Monday.
Short-term, the idea of rising from a fourth wave low against 6247.50 has been working out with but the quick drop in the morning yesterday through me off a bit.
After about 13:00 yesterday, I started considering that the morning drop was a ‘C’ wave of a ‘II’ and that we would have to endure a slow grind up which is what played out. That implies a wave ‘III’ up in development with initial resistance at 6310.00. Bulls now want any consolidation to hold the early morning low against 6293.75.
