Another choppy overnight session. Was hit by what appears to be a 5-wave reversal.
News:
Batman Vs. Superman -- A former superhero (Superman) is suddenly a controversial figure. Ideal socionomic fodder for a beloved "bull" market about to become a bear with claws.
Taylor Swift, a major pop icon (who gained stardom in one of the biggest sucker rallies of all time, 2004-2007) falls flat on her face in a new TV commercial for Apple Music.
Bull-market icon (in a bull-market sport: golf) Tiger Woods, announced that he's "not physically ready to play The Masters" golf tournament for the second time in three years.
Meanwhile the stock market is hovering in nearly the same place for the last two years, having broken a major trend line from the 2011 lows.
Maybe it's not physically ready to continue its old "bull" market ways either. Another reason why I'm watching 2151.86 very carefully (see below*).
FX:
USD firmness is messing with things in FXland. AUD & CAD getting hit. JPY stronger yet again.
Treasuries:
Prices hovering the flat line, but looking like they want to correct a bit.
Energy:
WTI crude taking back a small bounce that was trying to materialize. NG looking more and more like it's forming another 3-wave bounce which could suggest fresh new lows soon.
Metals:
Gold and silver lower but firmer than platinum, palladium, and copper which are down harder. Silver in particular looks vulnerable since it has yet to break above 16.37.
S&P Outlook:
Current wave structure suggests that anything below 2059.24 should be taken quite seriously. 2030-2040 could get quickly tested on such a break.
Otherwise, prices can continue to probe higher on fumes.
*As mentioned above, here is a monthly chart from the 2009 lows, and a reason why I'm taking the 61.8% Fib extension target of 2151.86 very seriously.
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