SPX is gap up again but I can’t pound the table for higher. Next intraday target higher at 3333 and next daily target at 3339.
Bonds had a nice drop from deep wave (II) resist at 158^23 today and now down at the moving averages and support at 157^08. Now need the latter to fail as support for the next move lower to really kick in.
SPX may stall a bit at 3306 but prefer higher to 3313 or 3321 before a more serious correction kicks in.
Bonds rose again today and are putting stress on the idea of a lower high to the January 8th spike high. If it were to pop up over the aforesaid high, I’m more inclined to either treat it as a [II] or perhaps ‘b’ as the low so far still strikes me as too shallow for wave (b).
Bias is higher in SPX in the morning but I’m not near of convinced of a new high today as I have in the past. SPX 3300 +/- a bit still a magnet.
Bonds held support at 157^08 and the daily moving averages today and looks to be rising in a small wave two to test 158^05 or 158^23. Bears need bond prices back under 157^08 to get the next leg lower started.
SPX probably searches out a base in the morning against 3280 or 3276 before advancing toward targets on either side of the round number of 3300.
Bonds travelled sideways today marking time. The Lomb Periodogram suggests bonds are ready to break under 156^17 support in the next day or three.
SPX primed to push higher to roughly 3300 early this week. Today, once over 3273, aim for 8281.
SPX should push for a test of 3285 early this morning. I’m not confident that it grinds past that to 3297 but is possible if the market is particularly energetic in the morning. Overall now thinking that the goal is to push for 3305 in the middle of next week which implies some choppy time wasting is due soon.