Ripping higher but needs above 2063.75 as a first step.
News:
China did what communist regimes do best: it dictated -- it quit coaxing buyers with soothing words and simply made it illegal to sell. Shanghai bounced sharply closing over 5% which ignited a rally worldwide.
Relief in Europe too, Spain and Italy especially.
Bad 30-year auction in Japan, though. So far flying under the radar.
FX:
AUD strength from big neighbor China getting back in the game.
Treasuries:
2s-30s down across the board in a kind of anti-Risk On statement.
Energy:
WTI crude catching a bid. NG still a bit shaky.
Metals:
Gold stasis, silver ripping higher after a period of relative weakness vs gold. Even copper, which had flipped out to new lows yesterday has reversed and is up over 2%. Iron ore stocks ripping higher too. CLF up over 7%.
S&P Outlook:
Do I think the lows were put in? No.
If they were, we should see 2083.74 get exceeded without any problem today.
With futures having yet to scale 2063.75 at this writing, the possibility remains that the market wants to retest the lows or even poke just below them without the mass confusion of a mysterious NYSE shutdown.
The market has plenty of options still, and plenty of room to test them out. TRIN argues for a bounce, yet VIX argues for more shaking. The 2037.74 Fib remains a live target.
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