Bonds
ZB is trapped under 122^07 for the third day in a row as it continues to hug 121^17. I can’t rule out a minor new high but should be late in development of the expected lower high. Would be bears need ZB to drop back under 120^21 for first confirmation of a reversal.
Crude Oil
Crude was under pressure on Monday as it poked under the 78.20 support. That said, we still lack a small five wave sequence down from the recent high and thus can’t say definitively that the wave ii high has been set.
Dollar Index
DX is attempting to firm up against the 102.50 support which would be a good place for a wave ii. Would be DX bulls are in better shape when 103.20 is recovered.
Euro
While Euro holds above 1.0922, we can’t rule out wave ii extending a bit higher to test 1.1001 or even 1.1046.
Gold
I’m still expecting gold to retrace a bit before advancing to a new high on this swing so as to have five waves up from the February 14th low.
S&P 500
SPX gapped down today but recovered most of the drop and very nearly closing the gap to last Friday. Overall, much as you would expect as no one wants to make a move before the CPI numbers tomorrow morning. Not clear we have seen the high set as the count up from early this year is difficult.
And here is the futures chart that I’ll be watching in the morning. As long as there isn’t a big surprise, I’m leaning to S&P 500 futures pushing for at least 5230.25 on Tuesday.