S&P 500 futures ran higher overnight to test 2977.00 which is a good target for wave ‘[III] of v of (i)’.
Bonds dropped today to test the bottom end of the range that it has traded in for the past two months.
Had thought bounds needed a minor retrace before advancing but this is a bit more than I was originally thinking.
Bears lost their chance to take SPX lower with the failure to press down overnight in the futures.
Like yesterday, bonds being held back by resist at 182^06.
S&P futures have spent the early morning retracing the advance from yesterday.
Bonds still on track to move up to at least 182^23.
Bonds are extending higher this morning but look due for a small pullback.
S&P 500 futures are down overnight but I can’t be very bearish from this area.
As one would expect, bonds pushed up over the daily moving averages as the equity indices came under pressure.