The collision of global markets and social mood

Monday, February 29, 2016

Monday -- Triple R Ho-Hum

S&P E-mini Futures:
Reversed overnight continuation of Friday's correction, but nothing spectacular.

Big news is China's RRR cut (on the heels of the G-20). Bigger news is the market's ho-hum reaction thus far.

JPY sending a message today. Notably stronger.

Firming after days of backsliding.

WTI crude firm while NG diving 4%.

Copper is the lone holdout amid today's suite of higher metals prices, bucking green arrows in gold, silver, platinum, and palladium. Could be sniffing further mess in China.

S&P Outlook:
This monthly chart caught my eye. Hard to see the bear just yet.

And Fibonacci confluence caught my eye as well. Two completely different Fib measurements agreeing in the same two areas. Something to watch as the pattern and price progresses.

No comments:

Post a Comment