Bonds soft yet again as bears try to treat the rise from January 12th as simple a-b-c correction up.
S&P 500 futures have been soft overnight but held important support around 3723.00.
Bonds had a bit more of a stutter than I expected today but held where it needed, 169^05, and recovered 169^19.
Bonds were due for a retrace and it certainly kicked in today. I’m thinking a wave IV.
S&P 500 futures rose as expected from 3710.50 overnight.
Bonds are navigating the interference from the daily moving averages well.
Bonds have a small five wave sequence up from the January 21st low which implies a corrective move is due.
With this much drop overnight in S&P 500 futures, I’m leaning to the high was set yesterday.
Pretty much what I expected in bonds today as they hug the daily moving averages.
Bonds slowing the advance a bit but think there can be one more minor advance before a slightly larger retrace.