Wednesday -- Beige Book Today, Beige Markets

S&P E-mini Futures:
Down slightly after yesterday's ripfest.

News:
Via Briefing.com (with emphasis added):

-- ECB member Benoit Coeure repeated the central banker line, saying that Europe has an urgent need to boost growth, lower unemployment, deleverage the economy, and raise inflation.

-- Just six days after his previous appearance, Bank of Japan Governor Haruhiko Kuroda appeared in parliament once again, reiterating that the central bank expects to hit the 2.0% inflation target during the first half of 2017.

Sounds like central bankers are feeling panicky. No one has an urgent need to inflate anything except a flat tire.

Yet when central bankers "inflate," they are essentially raising taxes on you. They are stealing your money and saying so to your face.

Meanwhile, Japan's Nikkei spiked 4.1% with all ten sectors posting gains, and China's Shanghai Composite jumped 4.3%.

Europe is currently mixed.

The Fed releases the Beige Book at 2pm. Markets already feel beige.

FX:
Lopsided. AUD up but CAD weaker. EUR & JPY weaker. USD slightly stronger.

Treasuries:
Treasuries chose to tank yesterday, with slightly expanded volume, but not as much as they printed at recent highs.

Energy:
WTI crude needs a ripping breakout soon or risk forming a further corrective pattern leading to possible new lows. NG may be forming a double bottom on the weekly chart.

Metals:
Gold appears to be waiting for something. Who knows what, but it's nowhere just yet. Silver needs above 15.95. Platinum needs above  970.80.  Palladium needs above 563.25. Copper has even more work to do -- needs above 2.493.

S&P Outlook:
A late day paint-the-tape run consisting of 145,000 e-mini futures contracts (and no ticks) closed the cash S&P above the 1975.42-1977.86 confluence zone.

As suspect as it was, it opens the door to still higher prices, namely 2,000 round number resistance. Gaps exist as high as 2091.69. And I remember mentioning a huge air pocket on the way down last Dec/Jan in the 2022-2050 area. It's still there, still valid.

The market has a memory like an elephant. Don't get trampled.

Below 1891, however, this market would have a lot of explaining to do.