Tuesday -- Darkest Before Dawn

S&P E-mini Futures:
Overnight levitation to new highs.

Markets:
NG and grains not so clever thus far while metals & heating oil perk up.

Asia and Europe slightly mixed.

Perhaps Xi's Big Belt speech calmed some nerves. Or perhaps animal spirits are fading. But Bitcoin remains an inconclusive tell around 1700.

Mood:
According to a CIO interviewed by Marketwatch.com, "use of the ’bubble’ label further degrades a term that’s already lost most of its meaning,” he says.

Daylight also loses its meaning . . . right around 4am.

FX:
Supposedly the USD is "puking its guts out" but I see a marginal new low in a falling wedge which could have bullish ramifications if it can claw back above 98.54. USDCAD still hesitant to break.

Also seeing EUR rallying into resistance and CHF & JPY stronger. Not the most narrative-supporting mix.

Treasuries:
Prices down slightly. Odd action if USD was toast.

Energy:
WTI crude rally continues. NG down again.

Metals:
Good bids here.

S&P Outlook:
Daily NYSE A/D line remains strong while the NASDAQ A/D is diverging negatively and remains in a down trend since 2015.

Many seem to be betting on a breakout from current levels. I don't see it yet. Perhaps a gap 'n' crap today from new highs.

Sentiment is high.

Whether a new rally is dawning, or a new direction, only the market truly knows. But anything below 2381.74 might be a big tell.