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Thursday, April 23, 2015

Thursday -- Spooky European PMIs

ES Futures:
Shaky. Recovering after an overnight plunge.

China & European PMI misses spooked the markets.

Nothing extraordinary.

30s broke their April 13th swing point, now a target for 2s-10s. The March 6th swing on 30s -- 154'27 -- should not be messed with if yields are to remain lower for longer.

WTI crude has now retraced 23.6% of the decline since last June. The 38% level is the 67 area. A stall at current levels could bring out the bears.

NG still weak.

Gold. 1189. Still fighting gravity.

S&P Outlook:
Even with the overnight rout in futures, yesterday's 2091.05 swing point was not broken.  If that were to break, 2072.37 would be under pressure and should not fail unless bulls want to see some fireworks.

The closest Fib extension target above sits at 2125.40. The market has rested since February and it still sits untested.

I'm still in the camp that there will be a higher high. But it needs to happen soon.

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