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Friday, March 24, 2017

Friday -- Calm Targets Amid Maximum Confusion

S&P E-mini Futures:
Choppy overnight bounce.

Asia was green but Europe is solid red, even with stronger than expected PMIs for both Germany and France.

As if the healthcare turbulence isn't enough, Fed’s Evans, Bullard, and Williams are speaking today for maximum confusion.

GBP relative strength laggard thus far.

Bitcoin back below 1000, down over 4%.

Prices down with volume across the curve yesterday, though not by much. Tepid recovery thus far.

WTI crude choppy bounce while NG continues to consolidate after recent gains.

Gold and copper red, platinum flat, while silver and especially palladium shine.

S&P Outlook:
Not only is there still a huge positive divergence on the daily A/D line, but the NYMO (NYSE McClellan Oscillator) has one too.

Source: Stockcharts
S&P got above 2352.89, possibly negating a developing impulse down, but the close was weak.

The 2365 level still has a good looking volume shelf, and Fib confluence remains at the 2378 area.

Below, the 2300 area is a great target if things get rough, along with 78.6% Fib support at 2295.84, and a gap at 2280.85.

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