It seems the soaring $USD caught the blame for the overnight sell-off in futures, I don't disagree, I just don't think we can call moves like this days, weeks, even months in advance without the market having shown us first. I do believe markets are pretty efficient, but not the way most people think of them, I believe they plan quite a ways ahead and part of a US rate hike or perceptions of one is going to be a strong US dollar.
We aren't far off the support areas from yesterday's lows/Friday's close.
I suspect we'll see some bouncing during today's session, but that doesn't change the fact we have entered stage 4 decline and decline is what we should expect overall.
As you can see, last night's ugly futures charts that I mentioned, got a lot uglier after midnight.
As I've said since last week, I wouldn't buy any of this, just sell in to or short in to any price strength, but hopefully most of you are already in position.
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