Wednesday -- Moody's Downgrades China, Doggie Architecture

S&P E-mini Futures:
Flat, yet a possible flat top rising wedge in play since early Tuesday. They usually resolve higher, yet can cave in quickly.

Markets:
Moody's downgraded China's credit rating for the first time since 1989. Global markets are in such as state of euphoria they could care less. Asia was mostly green, and Europe is mixed but mostly red, but not materially so.

This is on the heels of a Bloomberg report that flagged China’s deleveraging efforts have pushed the cost of borrowing beyond the rate which banks charge customers for loans for the first time in history.

Bitcoin up another 4%.

Mood:
I thought doggie day spas were crazy. Now there's doggie architecture.

Build it, and the canine will come

A doggie real estate bubble can't be far behind.

FX:
USD bounce mode. Quiet thus far elsewhere.

Treasuries:
Trying to rally.

Energy:
WTI crude and NG lower.

Metals:
Red.

S&P Outlook:
Potential for a pop 'n' drop in ES futures could either bring new record highs in the S&P cash or not. But the potential for reversal is high.

TRIN has been signaling caution for two days. A/Ds have been easing. Yet the S&P seems content to follow the NDX higher.

Would much rather act later than guess wrong at this point. Especially ahead of Fed minutes. Have to head into San Juan to replace my phone anyway, which is so hot it feels as if it's ready to explode at any time. No more iPhone ever. Buying a cheapo with a removable battery.