Wednesday -- Mad Ave, Participant List, Liquidity Can Do Weird Things

S&P E-mini Futures:
Another overnight reversal higher.

News:
This could spell trouble for The Facebook:

Advertisers Alleging Kickbacks Spur Battle With Madison Ave

Why? Because of this article from last week:

Bait and Switch: The Failure of Facebook Advertising — An OSINT Investigation

The last thing The Facebook needs right now is increased scrutiny of its main revenue source.

Meanwhile in Dresden, Germany, there's a little party getting started. See anyone you know?

Final List of Participants for the 2016 Bilderberg Meeting

Probably a good thing Amazon, Google, and The Facebook aren't there this year. But plenty of news organizations are: Bloomberg, WSJ, The Economist, Financial Times, and NBC.

Believe everything you see and read. Jk.

FX:
CHF and JPY stronger today. Building Risk Off tone?

Treasuries:
Prices hanging at highs.

Energy:
WTI crude new overnight thrust to 51.15. NG giving back a bit of its recent gains.

Metals:
Ripping higher.

S&P Outlook:
Yesterday filled a gap I had forgotten about from all the way back in July of 2015 -- 2119.21. Price got to 2119.22 and promptly rolled over.

It was also the second day in a row that a major swing point was exceeded and failed in the same day.

Then, price closed below the previous day's high.

All of which occurred on lighter volume than the day before.

This is what bad price action looks like. It's also what a market looks like when there is only one thing behind it: liquidity, and that's it.

If this is what some are calling the first leg of the new bull market, it's got a lot of work to do.

Furthermore, yesterday's reversal formed what may have been a five-wave structure to the downside. Not what this market needs at this point.

So if the market can't make a new high soon, it could easily test lower.

And lower is not what it needs now.

It needs 2132.82 or 2134.72. If it doesn't get it, it may retaliate with a fit down to 2000 or even 1950.

Asia was mixed last night, while Europe has slid from mixed to entirely red. Commodities are loving it. Liquidity can do weird things.