Futures are up. US dollar is up. Things feel as though they're about to get weird. Yet as Hunter S. Thompson said "When the going gets weird, the weird turn pro."
A closer look at the futures reveals what looks like a double top around 1422 on the e-mini contract. Currently it's breaking down. I hope it doesn't.
I'd rather see the S&P cash market pop above 1423.73 and reverse if things are about to get weird. The alternate of course is that the S&P is just resting before it jumps above the 50-day moving average at 1417.63. Then 1430-1450 could be on the table.
A complete crap out could see a test of 1398.23 very quickly.
I'm not afraid to say I don't know. The market feels a bit conflicted this morning, political risk is still high, and the market needs to move to the extremes for me to have an edge. It's still "in the middle" on too many times frames.
Shanghai closed at 2158.91 last night, up 1.61%, so I've got that going for me . . . for now anyway.
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