The collision of global markets and social mood

Wednesday, October 7, 2015

Wednesday -- Closing In On Possible Near-Term Targets

S&P E-mini Futures:
Higher after a weak pullback yesterday.

Bad industrial production numbers out of Germany and no new stimulus -- or any hint of it to come -- from BOJ. Neither dented futures.

JPY stronger on BOJ news but not by much. Commodity currencies continue to strengthen.

Same as yesterday: light volume pullback, higher prices expected.

WTI crude spiked higher yesterday, and NG trying to rally. Not seeing enough volume in either yet.

Gold and silver consolidating. Copper up 1%.

S&P Outlook:
Shallow pullback yesterday, which feels like it may have been a small degree fourth-wave before a fifth-wave higher futures overnight. So perhaps today or tomorrow gives a deeper pullback to the 1950-1965 area.

Still like the 1996 area above -- which could be the near-term target -- and, if not, 2020.86.

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