The collision of global markets and social mood

Wednesday, June 22, 2016

Wednesday -- Sidelines

S&P E-mini Futures:

New transformers are getting installed in the neighborhood today, so no power from 8:30am -- 5:00pm. And the countdown to the British Referendum vote tomorrow is starting.

Both events push me to the sidelines.

News flow is quiet, inferring many others are on the sidelines too.

Commodity currencies stronger on weaker USD, yet JPY & CHF stronger too, indicating caution creeping in. GBPUSD hanging at highs.

Prices still look unconvincing.

WTI crude recovered 50 on reduced API inventories, but is coming off its best. NG coming off fresh highs yesterday.

Gold and silver down versus platinum, palladium, and copper up.

S&P Outlook:
2092.94 and 2069.51 have stood. Actually the upper level should be 2092.97, but whatever.

The point should be made that the wave structure could still accommodate a higher high which could complete a 5th wave of the ABC correction before a resumption of the downtrend from the June 8th high.

2025.91 would still be the primary target for such a scenario, and, if broken, could lead to a test of 2000 and possibly 1950. Lower levels are possible, but that is as far as I would be speculating near term.

As for higher in something other than a C wave, 2120.55 would be the first target with 2134.72 just beyond.

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