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With the drop overnight in the S&P 500 futures of about 20 points, I have to at least entertain the idea that wave iii completed last week and that we are now in a wave iv correction. The previous idea, that of a lower degree fourth wave is still possible as long as prices turn up from no lower than 2745 SPX. Under that point, the larger fourth is probably in its first wave lower.
The equity markets took the FOMC rate hike well which I consider a positive for eventually getting a test or marginal new high in the S&P500. That said, it is worthwhile noting that the Russell 2000 and Nasdaq 100 have already made new highs over that of January this year satisfying the macro picture for a new high before a more serious correction process to begin. It also would not be shocking to see intermarket divergence where some indices make new highs and others make lower highs right before a serious downturn. Net, I think there is room for the equity market to extend but it is late in the game.
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