Tuesday -- Pre-Fed . . . Hot PPI

S&P E-mini Futures:
Down but no swing points broken.

Social Mood:
Hot PPI -- as would be expected with peaking social mood. PPI increased 2.2% in past year, the fastest since early 2012.

Compare this to China where the Shanghai Composite reversed early gains after retail sales dropped more than expected.

Thinking there is an undercurrent of desperation in China that no amount of centrally planning or stimulus can fully control.

Dutch elections tomorrow along with the Fed meeting & expected rate hike.

In India, Modi's election results were greeted with a record high in the SENSEX and a stronger rupee.

Bloomberg: Fed to Hike But Avoid Signaling Faster Pace. But with hot PPI, why not an unexpected 50 bps hike?

Even the World Bank is warning about valuations, noting that the U.S. stock market is now valued at more than 150% of annual gross domestic product, far above historical norms, and about the same as it was at the valuation extreme of 2000.

Meanwhile, the Bank of England, Swiss National Bank, Bank of Japan, and Bank of Indonesia are all expected to keep monetary policies unchanged on Thursday -- more and more central banks acting in unison, both in time and policy.

No doubt practicing for their Big Globalist Dream of a single, international central bank as fantasized by George Soros in The Alchemy Of Finance.

FX:
GBP notably weaker after yesterday's strength -- Brexit approved by UK Parliament.

JPY hovering the flat line after strengthening considerably since the early hours of the morning.

Treasuries:
2s, 5s, and 30s still waiting on new lows in 10s, which may have put in a dreaded truncation late yesterday -- completing a wave pattern without making a new low, something that is very rare (& hard for me to trust).

Energy:
WTI crude hitting fresh lows yet still above 42.20 swing point. NG giving back some recent gains.

Metals:
Gold, silver, platinum, palladium, and copper all red at the moment, but could obviously change on any Fed rumor.

S&P Outlook:
Tightened up the chart posted yesterday:

No new rally high for "c" of "B" yet. No new low either. Market keeping its cards close to the vest pre-Fed. A lot on the line this week.