Wednesday -- Fastest Ferrari Ever Vs The Ohama Titanic Syndrome

S&P E-mini Futures:
Recovering from overnight selloff.

Social Mood:
When you would expect a sportscar company to release its fastest production car ever?

If you answered "near a social mood peak" you are correct.

Ferrari Unleashes ‘Superfast’ Flagship to Bolster Volume Push

Meanwhile, the latest installment of perfectly timed bearish sentiment appeared yesterday:

The ‘Ohama Titanic Syndrome’ has stock-market investors fretting

"The number of NYSE-listed stocks that hit 52-week lows has exceeded those that hit 52-week highs for the past two sessions in a row, triggering an early sign that stocks are on the verge of entering a downtrend."

The result? Mixed mood continues. Still thinking bearish sentiment has gotten too intense, too quickly. It probably needs to fully evaporate to mark the real top.

Latest view of the Ring Of Fire from the USGS:

Anyone listening?

FX:
USD strength affecting most every major pair, however volume is drying up as it approaches its 102.27 swing point.

Bitcoin was down over 3% yesterday. Down almost another 2% thus far today. Still hard to discern whether an "animal spirits" indicator or a "China stress" indicator.

Treasuries:
Getting messier by the day. December swing points still in the crosshairs.

Energy:
WTI crude down in choppy trade. NG ripping, up over 3%.

Metals:
Copper the lone green.

S&P Outlook:
Yesterday was another red day yet the S&P 500 could not fill the 2363.64 gap.

The 38% Fib support level at 2349.88 still remains as well.

So for all the newfound bearishness, nothing has broken yet. Rather, the market is still showing signs of a choppy corrective pattern that may suggest it has higher targets in mind.

We could be in a 4th wave, where "surprising disappointment" gets created, in which case things could get complicated for both bulls and bears.

Price could still make a deep retracement of the decline from 2400.98, all the way to the gap at 2395.96 if it wanted.

There is a lower gap at 2351.16 coinciding with the 38% level.