The collision of global markets and social mood

Tuesday, November 8, 2016

Tuesday -- Poetic Pictures Of People Falling Down

S&P E-mini Futures:
Slightly lower.

National holiday here in Puerto Rico for the local elections. No booze sold until the polls close at 5pm which is kind of funny. But not much else for sale either, which is kind of a pain. Supermarkets are closed. Bizarre.

Have noticed Europe flip from green to red thus far this morning then found the following:

Mood is turning as seen by this biker inspired fashion from down under, ironically upside down.

And French photographer Adeline Mai's gravity-inspired portraits are entitled Poetic Pictures of People Falling Down:

An eerie metaphor of the times, perhaps.

How poetic.

Mostly Risk On thus far.

Prices under pressure.

WTI crude down slightly. NG getting pummeled, currently down over 4%.

Gold and silver slightly gaining. Palladium red.

S&P Outlook:
The S&P broke through the 38% without blinking an eye and closed above the 61.8% level and 2030 volume shelf, but not without pondering it -- going sideways for over 3 1/2 hours. Still, it did it.

Now what.

Now we wait. Given the election anything can happen. Safer to just play it by the numbers.

There is a higher volume shelf at the 2150 area along with the 50dma at 2147.

Below Friday's lows is the 2070-2050 area, but the Big Kahuna is 1991.68.

Volume dropped off on yesterday's rally, and it felt like frantic short covering after a record number of consecutive down days. Some follow through is expected but TRIN spent much of the day in the sell zone and closed at .46.

Yes, the TRIN can go lower. But it's a warning to bulls.

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