S&P E-mini Futures:
Continuing its bumpy downhill ride since the early hours of Wednesday.
Amid all the television-manufactured political hysteria, social mood remains in the ether.
And the result.
Meanwhile, not exactly Morning In America.
JPY and yes, MXN, stronger today.
Yet more non-committal upward action, more red than not at the moment.
WTI crude hovering while NG currently down well over 2%.
Gold and silver green. Gold bouncing off minor 38% support. Copper and palladium down.
Concurrent with social mood scratching the heavens, pre-market VIX has risen over 10% from Friday's lows, yet is still showing epic complacency. The decline in the S&P remains choppy, and even though choppy patterns can morph into yet larger choppy patterns, ultimately, they are still corrective patterns rather than trend changes. Still not seeing a trend change yet.
Below the 2290 area could pose some difficultly, however. Internals still provide a weak foundation for a market this overbought. It may take some patience to reach those higher (& still valid) Fib targets clustered just above 2300 -- 2302.73, 2302.83, and 2305.50.
As long as price can remain above the 2270 area, will look to join the trend. Below that could quickly suggest caution.