Bonds
ZB opened above the daily averages and popped higher today. I still expect this to be a lower high in development to that of February 1st.
Crude Oil
A nice drop in crude today may in fact be an impulse down but not crystal clear. We will see if a lower high develops over the next few days. Initial resistance at 78.75 and deep retrace targets at 79.60 and 80.00.
Dollar Index
DX pushed up against 104.00 and fell back but pretty uneventful.
Euro
Probably best to assume Euro pokes above the high from February 22nd.
Gold
GC pushed to just short of a Gann related step up at 2154.04 before drifting back a bit. Assuming there needs to be a five count up from the February 14th low, I think it best to allow one more down/up sequence. Support at 2121.60 and 2107.15.
S&P 500
The S&P 500 gapped down today and kept the pressure on aside from a minor midday bounce and a very late day rally. I’m torn. On one hand, I have been harping on the equity indices being very late in the advance from the October low, which I still believe to be true, but the form in the short-term isn’t the best for a high. Since SPX is above 5021, I’m reluctant to pound the table to sell. Cycles in the daily and time frame just under it point to March 7th as important. Tomorrow is a busy news day so certainly can be a catalyst to bid the market or break it down to the major support at 5021. I lean to at least a deep retrace up if not a new high on Thursday or Friday.