Stocks...
Spu’s…failure to rally during the U.S. session over 2048-2049.50 and close above would be short term bearish. If a rally rails there after the # the board will go into profit taking mode.
All session chart shows we came close to closing support @ 2039.
Nasd 100…pretty much the same picture as the Spu’s.
The U.S. Session gap is 4463.50-4469. Failure to recover and close over this level is short term bearish.
4437 is first daily bounce #. 4414 is the top of support which is the level we accelerated to the upside on Wednesday.
Bonds..
FX…
Commodities…
Crude...is succumbing to Risk aversion. This could easily trade 36.80 and then lower by running the 37.50 near term sell stops.
General Comments or Valuable Insight
Japan started the qtr Risk Off. I was taken by how well the U.S. Indices initially held up vs. Japan.
Just a thought…January’s high was the unemployment spike high.
Albeit muted, we’re seeing a similar pattern from the end of last qtr.
If we get an initial out sized rally off the # and we start to fade be patient.
Today will be all about the journey.
You’re macro pivots are yesterday’s closes. Good above/Negative below.