With crude plunging, the oil price side of yesterday's hypothesis appears to have some merit. However, the inverse relationship between oil and the e-SPM certainly has been severed...
Although the E-mini June S&P has rallied away from this morning's low, the index must hurdle its prior micro rally peak to trigger upside acceleration.
Now that the E-mini June S&P has given back half of its earlier upmove and has failed again to hurdle critical resistance at 1183-1185, let's turn our attention to the bond market.
As we head into the afternoon session, let's notice that today represents (potentially) the third consecutive up-day off of last Wednesday's low at 1168.75.
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