SPX futures rallied in the Premarket to the cash equivalent of the Intermediate-term resistance at 2053.65, then backed away. Should it not exceed resistance then it may turn down in Wave (iii) of [i] of 3. I don’ expect it should take long to do that. This decline has a lot of ground to cover this week.

TNX is also declining, suggesting that rotation has already begun this morning into Treasuries.

USD rallied to 92.50 early this morning as appears to be ready to resume its rally in w sub-Minute Wave (v) of Minute Wave [iii] of Minor Wave 5. If correct, there may be a consolidation lasting several weeks before Minute Wave [v] begins.

Crude broke down again to a low of 46.50 this morning. Even though my target is 43.50, crude may break into a panic decline of 10% or more that may take it below $40.00. What’s happening here is extremely deflationary.

Regards,

Tony

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