Stocks are higher this morning, with the S&P 500 and Nasdaq up about 0.5% while the Dow is showing additional strength. S&P futures are testing the 7800 area we have been watching. Gold and Bitcoin are modestly higher, while Oil and Natural Gas are under pressure. 

The move in Stocks is the most interesting development. A breakout above 7800 would provide important evidence regarding the unresolved Intermediate-cycle count, although premarket futures do not resolve that question.

Nothing in this morning’s action materially changes what we are following. Gold and the Miners still require their respective price signals, while the weakness in Oil and Natural Gas bears watching. The regular session should provide additional evidence.