# Today's earnings from JPM and WFC will set the tone. The XLF may be doing a B-Wave test of the 3/1 high and an earnings disappointment could take us down in a Wave C on the daily chart. Today will tell us if the consolidation / 5-10% decline in the SPX is still ongoing. We have a minimum target of SPX 2480 by the 8/20 turning point window, which is our targeted time window for a yearly high. So the financials must react positively to the bank stock earnings (JPM and WFC) on Friday or risk another leg down on the XLF.
# Late strength in the IBB helped the NDX close higher on Thursday. We expect a rally back into August highs after a 5-10% decline, but the dips have been limited till now. The USD looks weak here and a test of 95 looks close at hand.
# Gold and silver also rallied in an EW 5-wave pattern from the Full Moon into early Wednesday before correcting into Thursday; we are bullish.
# Crude oil gave us an EW 5-waves rally from the 7/10 Full Moon Timing Window into early Wednesday and then a 3-wave correction; we are bullish.
# The USD looks weak here and a test of 95 looks close at hand.
# Bonds got hit on Yellen's comments yesterday favoring a positively-sloped yield curve.
# The $DXY looks set to test 95, this may give a boost to commodities....