The Day Ahead: PM Edition 2020-01-16

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.

The Day Ahead: PM Edition 2020-01-15

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).

The Day Ahead: PM Edition 2020-01-14

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.

The Day Ahead: AM Edition 2020-01-10

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.