“We cannot see our reflection in running water. It is only in still water that we can see.” – Taoist proverb

Tuesday and Wednesday candles in the ES are telling you where we’re at; basically, market is not sure if it’s time to book gains and get real or simply ignore everything and continue ramping…

Our base-case hasn’t changed; market is in a topping phase where charts like Dax, Nasdaq, Amazon, Google and Tesla have already topped. Market internals continue to look weak and charts like JNK, IYT, XRT and IWM are not painting a picture on strength and stamina… keep an eye on these.

As recently discussed, we’ll be keeping an eye on XLF into opening flows today. Extremely interesting chart location…

No change to what we have been discussing on the FX side, don’t forget to keep an eye on the GBPJPY swing, we’re approaching a pivotal level in the middle of the broader range we have seen for the most part of this year.

As always, there is no substitute for real-time/live action; if you are interested in attending a daily video morning call into N.Y. with a more detailed live discussion on all the charts and ideas we highlight/review in the weekly outlook and here on the blog, you should check out our Daily Webinar Group.