Overnight rally stalling at potential double top.
Markets:
Asia mostly lower, Europe mostly higher.
Likely test balloons at this stage but could become a big deal:
Markets Start to Ponder the $13 Trillion Gorilla in the Room
Central banks are in the business of making money. Now they want theirs back.
Mood:
Animal spirits within "surprising disappointment."
The $1,000 Cocktail
Peaking social mood will likely mean continued stock market momentum into a top later in the year.
FX:
Big movers AUD & MXN weaker. Caught a nice chunk of MXN off YD's low.
Treasuries:
Consolidating after volume expanded with yesterday's rally. 2s still haven't broken above their Feb swing point, however.
Energy:
WTI crude trying to ride NG's 2% rip higher.
Metals:
Gold and silver down while platinum, palladium, and copper shine.
S&P Outlook:
ES (S&P E-mini futures) currently stalling but should continue higher on the backs of NQ (NDX 100) futures which are showing relative strength.
Both markets retain a choppy appearance that makes pattern recognition difficult due to noisy subwaves.
On the cash S&P I want to see 2349.85 exceeded in order to open up some better upside scenarios, specifically a triangle.
Breaking yesterday's lows would likely target 2300.
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