“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain

As we discussed in the weekly outlook video, our base-case scenario going into today is that markets will print new lows and that focus will be around the range we put in last week.

Remember that things could remain extremely choppy inside this range but especially with all this headline flow, if markets can’t take out recent highs, the pivotal levels (i.e. 7000 mark of NQ), will exert a stronger and stronger gravitational pull.

As we have been discussing, Transports, Financials and Utilities, just to name a few, have been flashing amber and we would continue to keep an eye on those along with Semiconductors and the always leading Russell (has been our control chart and main swing short since last year).

The other chart we would be keeping a very close eye on is Crude. Once again, despite it still being in a choppy mode; Unless something substantial hits the wires, we still expect the 60 to 55 range to hold. our focus has been of fading range highs and recent failure to break and hold above that 60 mark remains constructive for our base-case scenario.

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Wishing you a great day ahead.