Floating higher after three-wave correction overnight.
News:
China trimmed over 6% last night, but Europe is a Sea of Green amid G-20 festivities.
More friendly advice from Marketwatch:
Bloomberg with the latest narrative:
News for Bloomberg: if oil stays "lower for longer" no one's going near EVs. Governments may salivate over the prospect of unlimited tracking of driver-less cars, but a "widespread adoption of EVs" is basically a forecast for $200+ oil.
FX:
Slight Risk On tone thus far.
Treasuries:
Prices firming, possibly gathering strength for another assault of highs.
Energy:
Virtually no one is thinking $200 oil at the moment, but if WTI crude can hold above 28.70 it may at least take on a more impulsive feel.
NG down another 2% but volume drying up fast. Thinking speculative calls on each.
Metals:
No breakout yet from the building triangle in gold. Down along with silver and platinum. Palladium and copper flat.
S&P Outlook:
Yesterday's reversal was welcome, especially after price knocked out one of the wave scenarios right at the open before I pressed "publish."
From a wave standpoint, price is now in a rather ambiguous spot, however.
Nothing stopping it from further backing and filling into the 61.8% level in the 1860s (note also the gap at 1864.78).
Nothing stopping it from heading higher, either. So here's another way to look at things if it does:
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