Good morning.
Nothing has changed much since last night, at least not by the ion in my estimation. We did see Index futures gain a bit in the overnight session when we want to see them pullback..
Perhaps somewhere around the trendily...
It really doesn't matter too much, whether at, above or slightly below the trendily, as long as the charts clean up and the condition for that was a bit of a pullback so I was a little disappointed earlier this morning to see futures up as we haven't seen the right conditions for a decent trade yet...
Then US Macro data missed at 8:30 with Import/Export and Retail sales..
Guess which asset this is?
If you read last night's post you know, the $USD on the macro data and soon after...
ES is moving lower so it looks like we are back on track and for the right reason as the $USD continues to be the hub all of these other assets act like a spoke or wheel around.
Of course we'll know best once we are an hour or so in to the cash market.
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