Stock Market Calm Before the Storm?Stock-Markets / Stock Markets 2016 Feb 23, 2016 - 09:01 PM GMT
It was fascinating (to me, at least) to see all of the hourly pivots being hit yesterday as equities made their rally high. The top Pivot was at 13:43 hours in which the 1946.70 high was made.
The Premarket is mixed while the futures show a clear reversal pattern overnight. All the overseas markets are down in overnight trading, but not significantly.
ZeroHedge reports, “Unlike Monday's global PMI deterioration (which sent markets around the globe soaring), there was little in terms of macroeconomic data overnight (German IFO earlier missed on expectations and business climate but beat on current assessment) so the "market made the news." These came most from the USDJPY which has continued to fall, sliding to 111.85 overnight, and dragging the Nikkei to a -0.4% drop.”
TNX is providing some headwind before the open as the retracement extends to challenge the Intermediate-term resistance at 18.09. This completes the reversal pattern. We may see a reversal imminently, as TNX appears to be having an inverted Trading Cycle high today.
From here, TNX appears to be about to experience extreme weakness all the way through its Master Cycle Bottom that is due on March 21.
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