Thursday -- Parliament, Advertising & Hubris

S&P E-mini Futures:
Modest bounce from fresh lows overnight.

News:
You don't matter. That's what Britain's Parliament thinks.

You voted to leave the EU, but your vote doesn't matter -- we'll decide.

England's High Court ruled that the British government requires parliamentary approval to trigger the process for exiting the European Union. So much for the referendum.

Source: @mckinneytweets

"Parliament can, by enactment of primary legislation, change any law of the land in any way it chooses."

It does not appear that the elites understand what is really happening at street level where ordinary people are waking up from their slumber en masse. History is replete with grim examples of those that failed to take heed.

Wall Street better wake up too: the Facebook handily beat every growth metric and got pummeled because it guided lower on advertising. Its long-standing multi-year Fib projection of 135.43 could be in jeopardy below 117.59. It was down over 4% in pre-market.

Advertising (and hubris) could turn out to be the markets' Achilles heel before long.

FX:
USD finding support. CHF has turned weaker, and JPY is only mildly gaining.

GBP loves Parliament.

Treasuries:
Topping tails on price bars already this morning.

Energy:
WTI crude has continued to slide. If 43.06 breaks, it becomes more likely the entire rally from the 26s could break as well at some point. NG is flat before EIA numbers.

Metals:
Copper up. Gold, silver, platinum, and palladium down.

S&P Outlook:
The S&P made a weak three-wave bounce from yesterday's lows. Likely further lows in the post. Could it rally a bit beforehand? Of course. But the 2050-2070 area is in the crosshairs now.

It likely needs to clear 2105 for any bounce to get some mojo. Above 2113.12 would probably call this analysis into question.