Tuesday -- Hope Springs

S&P E-mini Futures:
Up sharply from yesterday's close.

News:
Sea Of Green™ ...on hope, not fundamentals.

Hope that central banks will roll out a coordinated policy response, hope that Cameron's meeting in Brussels will finalize the UK's exit from the EU, hope that Italian banks will get a bailout, and hope that Japan will embark on more stimulus measures.

No talk of stronger earnings, revenues, or sales.  Just hope for more intervention.

Draghi Shuns Brexit Debate in Call for Global Policy Alignment

Would love to see global voter alignment to revoke the charter of central banks.

Oh, former Fed chairman Alan Greenspan wants a return to the gold standard.

Don't be fooled. If the dollar were to be re-pegged to the price of gold, it could be devalued overnight, yet again, at will, just as Roosevelt's Gold Reserve Act of 1934 devalued the dollar by 41% when the price of gold was "adjusted" from $20.67 per ounce of gold to $35 per ounce.

FX:
GBP higher, USD lower, AUD higher, CAD lower, JPY & CHF weaker. What a day so far.

Treasuries:
Volume is contracting as treasuries consolidate at highs. If the next move has still less volume, may look at the short side.

Energy:
WTI crude made a new swing low last night, but did so looking choppy. NG ripping to new rally highs. Volume drying up.

Metals:
Sea Of Green™ in equities putting a dent in metals except for copper and palladium thus far.

S&P Outlook:
Some cool voodoo. Price is bouncing from an exact 1:1 price/time match from the February lows which backtested an internal trend line and closed at a perfect 38% retracement of the rally from the February lows. Sometimes market create beautiful symmetry.

While yesterday's chart is still possible (showing a possible wave correction before new all-time highs), not forgetting this one due to the amount of hope in the air.

Yesterday's chart reposted for reference. Today could be wave iv, or possibly the wave 2 low.