S&P E-mini Futures:
Continuing the machine-like trend higher.
Light news flow welcome. Asia was happy last night but Europe only so-so thus far.
For me the news is in FX where JPY and CHF are suddenly stronger amid the Risk On party.
Otherwise, it's my favorite holiday time of the year. It's more of an attitude than a holiday, I guess. It's a great attitude to have not just once a year but rather as much as possible.
USD pulling back but not yet looking impulsive. JPY and CHF strength could be an early warning.
At some point, one must also wonder when will China revalue the CNY once more.
Bottoming tails continue, yet prices so far have failed to bounce.
WTI crude lower, NG higher. Both look like they could still hit higher highs soon.
Copper showing more follow through higher. Gold bounced from a major 61.8% Fib support level (1172 area -- 1170.30 new stop)
The market opened with very low ticks and muted A/Ds -- not enough mojo for record highs, but holiday bias can keep it pinned.
FX is sending a warning though. Whether it is heard or not is the question.
Meanwhile the market remains in a Fib-rich area. It does not feel ready to give up the ghost. Probably a reaction and recovery high are needed first.
The 2182 area still interests me for support. So does all that leftover turkey.