SPX has fallen to its 2-hour mid-Cycle support in the Premarket. This is unusual for OpEx in the Index Futures. It suggests some turmoil that may carry over to the open. OpEx Fridays are usually more volatile than normal, but this type of activity before the open is unusual.

ZeroHedge reports, “Not even this morning's mandatory European open ramp has been able to push US equity futures higher, and as a result moments ago the E-mini hit session lows on rising concerns about Brexit as talks drag on in Brussles, but mostly as a result of overnight confusion about China's loan explosion and whether the PBOC has lost control over its maniacally-lending banks.”

Core Consumer Prices surged 0.3% MoM - the biggest jump since August 2011 - and is up 2.2% YoY (the most since June 2012). This may put an end to QE4 for a while.

TNX opened on a slightly positive note, but the reversal has already been made. Any upward move is counter-trend for the next week. The Head & Shoulders target appears to be in reach of this decline. Should a panic hit the market, it may go as low as 10.45.

Regards,

Tony

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