S&P E-mini Futures:
Growing steadily worse since about 3am NY time.
Barron's: "Look out, Bears."
"Money managers are feeling a lot better about stuff right now."
Marketwatch: Why a ‘fanatical run’ higher may be shaping up for stocks
Actually, that's a quote from The Fly at iBankCoin.
“Everything is set for a fanatical run to the upside. Rates are low. Oil is firming. Biotech is bouncing. Shorts are feeling pressure to cover,” was the full quote.
I never read The Fly. But if these stories are letting us in on a big secret so that we can buy now and ride the market to riches, that's great.
But otherwise, the odds of a B-wave may have just gotten a bit more compelling. In Elliott parlance, B-wave are "phonies."
If bears are bearish at lows, and bulls are bullish at highs, who are the fanatics.
Today it's the dollar -- higher.
Continuing their low volume pullback.
WTI crude correcting. NG trying to bounce before hitting a fresh new multi-year low.
Giving back recent gains in gold, silver, and copper.
The S&P cash closed in the middle of the 2131.28 -- 2035.73 zone, the top of which is the 35.73 gap.
Futures are down but have not broken a swing point yet. Some consolidation may be warranted before a gap closure, or possibly a run to the 2050 area.