S&P 500 drops to to 1571.75 on poor Empire state survey
SP 500 E-mini Future
|5 min ES|
The story of the night is commodities, which have for lack of a better word collapsed; gold specifically down 84 points or 5.60 percent to 1417 of this writing.
Also as of this writing the Empire manufacturing survey just hit the tape with a expectation of 9.2 but 3.1 printed.
This massive miss dropped the ES from 1578 down to 1575 which i will put as support though 1571.75 is the actual line in sand as that is the two week ES low and the overnight low. On the upside a move over 1580 will surely push late shorts.
|weekly GC note the two red lines under support|
Beyond commodities weighing on the tape, you have the bond market pushing higher with the 30 year bond at highs of 148’02 up 0.10%.
The long stocks and bonds pair trade might be closing today due to the fact equities feel much different than the past few days.
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