Tuesday -- Swiss Time, JPY, GTI, No-No Level

S&P E-mini Futures:
Down hard and testing overnight lows.

News:
First annual decline in Swiss watch export in six years, and it's being blamed on iWatch? Doubtful. Maybe the global economy, but doubtful that Apple is disrupting anything.

Went through the whole expensive watch thing decades ago. It broke twice then got stolen -- the one and only time my NYC apartment got broken into (to this day I suspect the guy that was vacuming the hall and saw that I left without deadbolting the door). Now I feel a big sigh of relief every time I pass a luxury store. One less thing.

Absolutely had to have a Heuer, though. From all those F1 races that I watched as a kid. See, advertising works.

Elsewhere, in Germany, all VW has to do is re-release the original, iconic, boxy 1st generation GTI, and all their current trubs will fade away.

The original go-cart . . . for adults

FX:
JPY bid, USD bid. All I need to know. The exact opposite of what the BOJ & the Fed want.

Treasuries:
Prices appear to want more upside, yields lower.

Energy:
WTI crude remains in a tight range. NG at the lower end of its respective one.

Metals:
No love for Gold and silver today.

S&P Outlook:
With futures cratering, perhaps the 1920-1925 area gets tested if 1937.19 fails.

However, still viewing the decline as sloppy and not impulsive. So I don't think up's over.

But again, below 1903.07 would probably be a no-no.

Otherwise, still like 2020 and 2050 to the upside.