The collision of global markets and social mood

Monday, November 28, 2016

Monday -- Next Bull, OPEC Cred, Price Discovery

S&P E-mini Futures:
Down in corrective decline, yet off their worst levels.

News:
One week from today we should know the results of the Italian referendum and the new odds for the EU's survival.

Things are looking pretty giddy over here -- not even a month after the crowd thought the market would implode post-Trump.


FX:
Another day of JPY strength could warn of a Risk On derailment soon.

Treasuries:
Day 2 of upward price pressure. A lot to prove.

Energy:
WTI crude broke its developing impulse pattern higher and is now trading in No Man's Land. OPEC is losing cred faster than the Fed.

NG gapping higher. New rally highs look next.

Metals:
Gold and silver rallied where they had to. New stop in gold 1178.20.

New 2016 highs for palladium. Platinum looks much weaker.

Copper declined correctively from its recent high. More highs probably on the way eventually.

S&P Outlook:
2182 still interests me as a support level. Ticks and A/Ds have contracted along with volume for much of the ride higher. As participants return this week we could see some price discovery.

New highs following price discovery lower should bring better sell opps. Then puts vs long e-minis can begin anew with better odds of winning both sides.

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