The first leg of this pattern has completed a zigzag structure, labeled wave W (circled) of the primary degree. The second leg has formed a triangle structure, identified as wave X (circled) of the same degree.

S&P 500 produced a tight range day – no news or catalyst for breakout or breakdown. Sectoral view doesn‘t allow me to decisively favor either side in the very near term as stocks have weathered the rise in yields so far very well.

News of China's multifaceted support measures have bolstered risk appetites today. The dollar is mostly softer and only the yen and Swiss franc among the G10 currencies have been unable to find traction against the greenback.