The collision of global markets and social mood

Monday, March 27, 2017

Monday -- "Surprising Disappointment"

S&P E-mini Futures:
Under pressure, but choppy decline yet again.

Red in Asia and Europe. Precious metals higher but base metals and other commodities falling.

Bitcoin up 4%, back above 1000.

"Bonds Surge in India as Rupee Rally Spurs Bets of More Inflows" -- of course rupees rallied, Modi wiped out 86% of the supply.

Fed's Evans and Kaplan will be speaking today.

The expected fourth-wave "surprising disappointment" is here.

"‘Trump disappointment trade is now in full swing’ — analysts on global stock selloff" (Marketwatch)

Want to be on the other side of this soon.

Big story is USD breaking its 99.23 swing point, clearing the way to a possible 97.67 target.

GBP ripping even with a possible Article 50 trigger coming. MXN notably weaker amid a larger commodity currency rally. CHF & JPY stronger, confirming safe haven flows.

Prices higher yet seem to be losing momentum as buyers fade (lower volume).

WTI crude down 1% but as long as 42.20 holds could be setting up for a continuation of its larger wedge pattern higher.

NG up over 1%.

Gold, silver, and platinum green while copper and palladium red.

S&P Outlook:
Mood is grim, yet NQ futures did not confirm the ES in making a new overnight low.

On the lookout still for buy areas, as this decline remains choppy and emotional.

Friday's promising late-day bounce got wiped out overnight. The next Fib support is the 2318.31 61.8% level, while the 2300 area remains a larger target if things really get rough. 78.6% Fib support is 2295.84, and there is a gap at 2280.85.

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