SPX Premarket appears to be challenging Short-term resistance at 2085.85. The futures were higher, but the retracement appears to be complete and SPX is backing away from its before-hours highs. The futures often have a different shape than the cash markets, but essentially the same overriding Wave pattern. The Wave pattern appears to be in need of another probe higher.

Leading Diagonals sometimes only have Wave (i) overlapping, then becomes impulsive (not overlapping) in waves 3-5. This pattern may have all five waves overlapping and still be bearish. It does call for caution, however.

TNX has pulled back from its upper trendline which it hit on Monday. It may consolidate in place for another day or two before resuming its decline.

Today is an inverted Trading Cycle Pivot day. This morning USD futures are at 99.06. A decline beneath 998.91 would suggest a reversal is taking place.

All the best,

Regards,

Tony

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