Tuesday -- Caliphates, The Cheapening, Targets

S&P E-mini Futures:
Down and breaking recent minor swing points.

News:
Brussels bombing proceeding to formula thus far. Senseless killing. Arabic shouted. Next should be a passport found nearby from one of the attackers who will be shot and killed before the person can be questioned. Perhaps even a power blackout. Then maybe news of a "terror drill" that was going on at the same time of the attacks.

We're quite likely being drawn into a religious war in the Middle East between two caliphates, and boy do I despise caliphates.

Stuff I found this weekend but forgot to include Monday. Seems there is a "cheaper" trend building.

-- De Beers goes into second-hand diamond market

-- Apple primed to launch cheaper iPhone

-- HK costs force couples into separate beds
Record numbers live apart amid world’s least affordable housing

Today:

Family-owned German grocery-store chain is beating Wal-Mart at its own game: selling food at rock-bottom prices.

Fashion:

NY Times Bill Cunningham: The new direction of fashion is not about shouting; it’s a whisper, an elegance redefined for a new era: navy blue coat, pinstripe trousers and, surprise, gold shoes (worn at 9 a.m.).

Love the gold shoes. First, they're so Wizard Of Oz. Second, perhaps gold's rally has already captured the public's fascination? Too soon to tell.

FX:
GBP is the big mover today, supposedly because the Brussels attacks strengthen the argument for Britain leaving the EU. Whatever.

Britain should definitely leave the EU. But GBP looks like it wants lower anyway.

USD higher.

Treasuries:
Lower yields across the curve.

Energy:
WTI crude down over 1%, NG up over 1%.

Metals:
Gold up, silver flat, copper down, platinum and palladium higher.

S&P Outlook:
All targets still stand. The tight Fibonacci confluence zones above -- 2064.48-2065.25 and 2112.02-2116.48 (prior swing point). And the 1:1 Fib extension target at 2061.23.

If below 2040, there is volume support at 2017 and 1977. Wave structure would look pretty weird below 2024.57 however.