Equity futures are up slightly this morning:
The dollar is down slightly, bonds are up, oil is down, and gold is flat.
No data releases this morning, non-manufacturing ISM is released at 10 Eastern.
Below is a 3 month chart of the SPX. Note the small hammer that was created last Friday, right on the 50dma and just above the bottom Bollinger:
I’m still watching that lower boundary of the rising wedge and McHugh is flip flopping his count to believing that we need one more small wave down and that will be followed by wave 5 of c of B up to finally finish wave B. He does hedge in that he is saying that B could have completed, so he’s also watching prices from here. Today and tomorrow will be important indicators of the count. I’ll have more throughout the day, see you in the comments section…
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