The collision of global markets and social mood

Tuesday, November 29, 2016

Tuesday -- Another Day, Saturn & Sagittarius, OPEC Hell, Patience

S&P E-mini Futures:

Another day, another Marketwatch headline:

That's the news for you -- yesterday they were so bullish.

Not looking for a crash, but check this out: today, astrologically, "Saturn is 17.4 degrees in Sagittarius, the same as it was during the crash of '87 Oct 19th (and for the first time since)" via Brad Gudgeon at BluStar Market Timer.

Meanwhile the S&P is having trouble getting back to 2182.

Still looks like Risk On in FX. USD firm. JPY back to being weak.

Another weird looking chart picture thus far.

WTI crude's wave structure is rightly a mess as it perishes in OPEC hell (Russia won't even be at the next meeting). NG new rally highs as expected.

Gold and silver giving back gains. Stop on gold remains 1178.20. Platinum and copper lower too. Palladium higher.

Not sure how nuclear batteries will impact platinum and palladium (i.e., hybrid or non-hybrid cars -- hybrids use both metals in their catalytic converters)

S&P Outlook:
Still not thinking crash today even if Sagittarius is in the same configuration for the first time since the crash of '87.

Still looks as if 2222.37 is the main event. Either it gets reached or not, and could be the bull-bear line for the B-wave rollover scenario vs the ending diagonal higher.

There is also the possibility of an impulse wave to much higher highs (that I personally doubt). I think we've seen the best of this rally. And I think it was mostly short covering.

Whatever it is, it's still hard to buy the first down day after an epic run. The odds just aren't there until 2182 or closer to 2222.

Time for patience once again.

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