Under pressure, but choppy decline yet again.
Markets:
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.
Mood:
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.
FX:
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.
Treasuries:
Prices higher yet seem to be losing momentum as buyers fade (lower volume).
Energy:
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%.
Metals:
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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