S&P E-mini Futures:
Recovering from overnight decline.
Markets:
Iron ore and copper down big. Asia and Europe mostly red. Election jitters persist in France as election draws closer with polls narrowing. Anti-euro sentiment building on both sides.
Optimism declining for Trump infrastructure spending along with tax & healthcare reform.
Mood:
Fourth wave "reality" continues to set in as "surprising disappointment" strikes.
FX:
GBP ripping higher on new of PM Teresa May's call for snap elections ahead of Brexit talks.
AUD hit hard on iron ore concern.
Treasuries:
Renewed momentum higher after yesterday's decline.
Energy:
WTI crude and NG down slightly.
Metals:
Down across the board with copper and palladium hit the hardest.
S&P Outlook:
*Note: Tried writing this during the European close when I usually don't trade anyway, but realize I refer to write before the open. Oh well.
Sentiment feels strongly negative as the wave structure continues to suggest a higher resolution.
Yesterday's strategy paid off with a decent rally. Today must hold above Friday's lows (SPX 2328.95 & NDX 5353.59).
Weak A/Ds thus far and slightly higher down ticks than I'd like to see, but price is holding so far.
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