The collision of global markets and social mood

Monday, July 27, 2015


ES Futures:
Down hard.

Blame China.

Shanghai Composite down another 8.48%. The Feb. 2015 3075.91 swing point is coming into focus. Below that could be trouble.

Definitely not posting every day during vacation, but as much as possible to keep in tune.

Odd day in currency land: EUR notably stronger with EU bourses down hard. USD weaker. AUD stronger not weaker on China trubs. CHF stronger. JPY stronger.

Yields down across the curve.

WTI crude below 48. NG weaker since failed bid for 2.955.

Gold & silver slight gains.

S&P Outlook:
Quick read is that after holding 2077 on Friday, today's weakness is a bad sign.

Volume steadily increased last week as the market sold off. Breadth, 52-week highs/lows, TRIN -- all cratered.

78.6% Fib support is at 2063 area along with a down sloping internal trend line from the 2134.72 peak.

If the market breaks further, it's quite possible a complex ABC down is in play.

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