Modestly higher yet fading from best levels.
News:
An alternate take:
"Lagarde Says Globalization’s Benefits Need to Be
On of the oddest observations noted in The Socionomic Implications Of September Vogue: 2016 was the postscript regarding all the kittens in the issue.
It gets weirder.
I had no idea why there were so many. Now thanks to Popular Japanese Instagram cat inspires a stylish shoe collection there may be an answer.
A cat with 180,000 Instagram followers and its own shoe collection echoes the sentiments expressed in the September Vogue analysis: that the Instagirl Instamodel Insta thing may be peaking soon.
The Facebook (Instagram's parent company) should be watched closely here. There is a higher Fib extension target at 135.43, but it seems "the pattern is full."
FX:
Messy today. No clear direction for risk appetite.
Treasuries:
Turning up from yesterday's lower volume lows. Those lows could be near-term tells for possible Risk On if prices move higher with appreciably more volume comparatively.
Energy:
WTI crude heading down while NG heading up. Unless 43.84 fails on crude it could still reverse.
Metals:
Gold probably needs below 1305.50 for the correction to continue. For silver that is 18.44. Copper weakness remains the larger tell in my opinion.
S&P Outlook:
Yesterday's intraday TRIN reached a stunning 5.91. That's some fear. So it should not surprise to see a bounce. The 3-day TRIN could still move higher, so a bounce could come from still lower levels, but the message is that yesterday freaked some people out after Monday's V-shaped recovery.
There are a cluster of Fib targets in the 2103.25-2094.55 zone. There is a 78.6% Fib retracement at 2173.16 and a gap and volume shelf sticking out at 2181.30.
However, it feels like the market would be happy to just get back to the 2160 area if it chose to bounce.
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