Thursday -- Fed-Twisted, Rousseff, Respect

S&P E-mini Futures:
Bouncing from another choppy and shallow pullback.

News:
Next big data point for the market is tomorrow's NFP number. This morning's employment numbers from Challenger-Grey were bad.

"Through the first quarter of 2016, employers announced 184,920 job cuts, up 31.8 percent from the 140,241 cuts tracked the first three months of 2015."

Our Fed-twisted market should love it.

Asia was mixed, and Europe is down rather hard.

Farther south, the drum beats louder. Sooner the better.

FX:
Day 3 of JPY and CHF strength amid otherwise Risk On sentiment in FX. Now the CAD has joined the warning, weakening. AUD still rallying for now. USD cracked the 3/18 swing point and may now target 94.

Treasuries:
Prices flat thus far.

Energy:
WTI crude trying to rally from choppy yet persistent pullback. NG hanging tough at rally highs.

Metals:
PMs higher yet copper on the sidelines yet again.

S&P Outlook:
The S&P initially blew through the upper Fib zone at 2065.25 yet closed beneath it. This is important because it's an indication that the market respects the level.

Looking for one more intraday high then a possible reversal, as it is possible that the market may have just completed 5 waves up from the 2/11 lows.

If so, 1970 area is game. If the market keeps subdividing higher, 2112-2116 could be the next target, with 2151.86 an important .618 Fib extension target.