The collision of global markets and social mood

Wednesday, March 29, 2017

Wednesday -- Article 50, BuzzFeed, Apple, ABC

S&P E-mini Futures:
Hovering around the flat line.

Britain triggered Article 50.

Asia and Europe mixed.

Base metal prices bounced on more upbeat economic news from China after a solid red day yesterday. Seems hope is still in the air.

Three more Fed speakers today.

Even better than the Snap IPO: BuzzFeed plans to go public in 2018.

Maybe they should study this chart. Are people abandoning the darling of tech?

Apple is close to completing some multi-year patterns and volume is drying up as it reaches its 11th record this year.

AUD & CAD stronger, possibly on China news, even as USD rallies. Scandie weakness. JPY & MXN strength. EUR & GBP weaker.

Prices trying to rally some more, yet the structure from the lows is looking more and more like another ABC. If true, perhaps continued choppy rallies before at least a retest of the lows and possibly even lower (higher yields).

WTI crude higher along with NG, which is up 1%.

Copper had a nice reversal yesterday but is giving back some. Gold, silver, platinum, and palladium red as well.

S&P Outlook:
Yesterday went a long way to negating the potential for a developing impulse decline in the markets. The NQ rallied all the way back above its 78.6% Fib retracement (but closed just beneath it). The Dow and S&P have a bit more work to do.

Still thinking some sort of ABC.

Potential catalyst one of these days. Not looking forward to it.

Source: USGS

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