Down fractionally following slumps in Europe & Asia.
News:
Interesting that a Greek government official had to deny an FT report that Greece is preparing for a default.
Oh, and it may be your last chance to ride the bull -- or your last chance to climb off. As was noted in September Vogue 2014, subconscious communication is still alive and well.
Ironically, it's an Elliott Wave guy placing the current wave count in a super bullish third-of-a-third to much loftier levels. Not buying his argument.
Neither are the latest figures from the NACM Credit Managers Index which just reported that March "rejections of credit applications" exploded to the highest levels ever, surpassing even the worst readings of 2008 during the Lehman implosion when credit markets virtually locked up.
This could signal some spooky voodoo for the credit markets as the S&P struggles at highs. Not a good combo.
FX:
Eerily red today throughout FX land, with EUR trying to shine through.
Treasuries:
Prices in 2s-30s holding above their respective swing points thus far.
Energy:
WTI crude looking like it wants to crest the 54 level.
Metals:
Gold not shining. 1188 area.
S&P Outlook:
The index could (anything is possible) be in a super bullish third-of-a-third to 2300-2500, but I doubt it. At yesterday's highs, A/Ds were almost 1:1. They closed -1:2. Ticks are diverging. Volume is muted.
I still see higher prices, but I still see a building wedge that has very bearish implications.
The way the S&P is trading, 2039.69 is still a target, and 1980.90 is still a dead serious stop. That the 2111 volume shelf was unable to be tested yesterday does not bolster the bullish case.
News:
Interesting that a Greek government official had to deny an FT report that Greece is preparing for a default.
Oh, and it may be your last chance to ride the bull -- or your last chance to climb off. As was noted in September Vogue 2014, subconscious communication is still alive and well.
Ironically, it's an Elliott Wave guy placing the current wave count in a super bullish third-of-a-third to much loftier levels. Not buying his argument.
Neither are the latest figures from the NACM Credit Managers Index which just reported that March "rejections of credit applications" exploded to the highest levels ever, surpassing even the worst readings of 2008 during the Lehman implosion when credit markets virtually locked up.
This could signal some spooky voodoo for the credit markets as the S&P struggles at highs. Not a good combo.
FX:
Eerily red today throughout FX land, with EUR trying to shine through.
Treasuries:
Prices in 2s-30s holding above their respective swing points thus far.
Energy:
WTI crude looking like it wants to crest the 54 level.
Metals:
Gold not shining. 1188 area.
S&P Outlook:
The index could (anything is possible) be in a super bullish third-of-a-third to 2300-2500, but I doubt it. At yesterday's highs, A/Ds were almost 1:1. They closed -1:2. Ticks are diverging. Volume is muted.
I still see higher prices, but I still see a building wedge that has very bearish implications.
The way the S&P is trading, 2039.69 is still a target, and 1980.90 is still a dead serious stop. That the 2111 volume shelf was unable to be tested yesterday does not bolster the bullish case.
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