The collision of global markets and social mood

Friday, May 29, 2015

Friday -- Elderly Crooks, China rebound, Levels

ES Futures:
Down but yet to break any trend lines.

News:
Zzzzzz...the usual suspects

China cratered again yet rebounded.

Wait, is this Bloomberg story true? The Usual Suspects are now older people??


FX:
EUR relative strength, CAD relative weakness. USD firm (and heard it again: "The dollar is done!")

Treasuries:
Prices working higher, yet patterns still seem in control (suggesting lower near term).

Energy:
No sooner did yesterday's comments get posted that WTI crude reversed higher and NG blew apart the 2.788 stop.

Metals:
Gold still sub-1200

S&P Outlook:
I don't know if yesterday's lows hold and it probably doesn't much matter. But Tuesday's lows better -- 2099.18.

A break of 2099.18 likely puts 2067.93 in the crosshairs, while holding 2099.18 likely targets new highs.

The next Fib extension zone is the 2150 area.

Happy Shortened-Week Friday.

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