Bears blew a chance overnight to crush the bulls as key levels held.
News:
Today is Fed Minutes Day. That means tic, tic, tic... until 2pm.
Meanwhile, Bernie Sanders was just in Puerto Rico, doing what he does best.
Not a fan of bailouts. Period.
FX:
Largely Risk Off with USD strength and AUD/CAD weakness. But JPY and CHF weaker too.
Treasuries:
Thus far, in a word, terrible.
Energy:
WTI crude pushing yet more rally highs as volume seems to evaporate. NG probing lower.
Metals:
Messy today.
S&P Outlook:
Remember this?
And remember this?
I'm looking for a surprise fake-out rally to B possibly on unexpected dovish Fed minutes amid the current more bearish expectations. Then want puts there for another probe lower.
At C, I want to be long if things still line up the way these scenarios suggest.
The above requires price above 2063.41 without new lows. Otherwise a falling wedge may be forming -- others may see a head & shoulders pattern -- with a price objective in the 1975 area. Valid Fib levels could run to 1925.06.
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