The Day Ahead: PM Edition 2022-05-17

Bulls slowly overcoming bears in the equity indices

Bonds

Bonds leaked lower today which is consistent with the idea of forming a ‘b’ wave though the degree is somewhat indeterminate. I have a minor bias for B of (A) but we will see.

In (B) of [A]

Crude Oil

CL made a tiny poke above 114.93 before falling away from it and nearly testing first support at 111.27. I like this as a possible [C] of b high but need…