The SPX Premarket is lower this morning, but there may be some unfinished business to the upside. Due to the length of time that it has taken, I have assigned a higher degree Wave label to this Cycle. This morning it will have taken 129 hours from the April 20 high to possibly its Wave 2 high. A possible target may be 2075.00.

ZeroHedge reports, “It has been more of the same overnight, as global stocks piggybacked on the strong US close and rose despite the lack of good (or bad) macro news, propelled higher by the two usual suspects: a higher USDJPY and a even higher oil, if mostly early on in the trading session.

Yes, the oil squeeze higher continues, and as the charts below courtesy of Andy Critchlow show, Brent is now 82% higher in the past 82 days...”

VIX may be poised to complete its Wave [2]. This may coincide with the VIX ETFs, as well, which will be making their all-time (Wave [5]) low. This may add clarity to the Wave structure.

TNX is higher, confirming my suggestions regarding the Wave structure here, as well. Yesterday was a Pi date for TNX, but it appears that the turn was made at the Wave b low on Friday. This also appears to be a Master Cycle low for TNX.

We may see more upside in TNX before the day is over. However, the rally may be short-lived.

Regards,

Tony

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