SPX is challenging its Thursday afternoon high at 2105.26. It appears that it is still working on Wave 5. This may be the final thrust ending near 2110.00. If so, it may not change the wave structure illustrated in the chart.

Earlier this morning, ZeroHedge reported, “Every ugly jobs report has a silver lining, and sure enough following Friday's disastrous jobs report, global mining and energy companies rallied alongside commodities after the jobs data crushed speculation the Fed would raise interest rates this month. “The disappointing U.S. jobs report on Friday means that a summer Fed rate hike is off the table,” said Jens Pedersen, a commodities analyst at Danske Bank. “That has reversed the upwards trend in the dollar, supporting commodities on a broader basis. The market will look for confirmation in Yellen’s speech later today.” While commodities benefited from USD weakness, the pound slumped following polls that showed Britons favor exiting the European Union. European stocks and U.S. stock index futures are little changed. Asian stocks rise.”

TNX is bouncing this morning. It may have completed Wave A of an Ending Diagonal Wave (5). However, we will let it play out a bit before labelling it. Wave B may go as high as the 50-day Moving Average, but having broken through the lower Triangle trendline, it may not tarry above it very long.

USD bounced to 94.27 in a bit of a retracement this morning. It may go as high at the 50-day Moving Average at 94.55 before resuming its decline.

Regards,

Tony

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