The NY Fed’s Empire Manufacturing survey missed by a mile. The August General Business Conditions index fell to 3.7 versus 15 expected and 17.2 in July. While employment, input prices and selling prices edged slightly higher, the average workweek, unfilled orders and inventories all declined.

VIX’s nightly pump and dump, however, has futures solidly in the green. Can it hold?

continued for members…

Another session where ES and SPX are easily within reach of new highs…

Note that ES hasn’t closed below its SMA10 since July 28 – which was a headfake that started on July 24 and ran 3 sessions. It rebounded 49 points the following day.  The last time prior to that was on June 29. CL and RB are still in limbo……with RB having backtested its yellow TL and due for a downturn to backtest at least the red TL.USDJPY reversed nicely and is breaking down, likely headed for a test of its SMA10. EURUSD and DXY are still killing time. Gold has survived its 1923 backtest and is getting a boost from Warren Buffet of all people.10Y yields have likely run out of upside, given that ZN is backtesting its 1.272 Fib. This walks the 2s10s back from the brink of a breakout at 57 bps. A couple of odds and ends…

GOOGL’s SMA10 has been below its SMA20 for two weeks – a very unusual occurrence unless it is going lower. Note the little red TL on its RSI which reversed at the top of a channel that exhibited strong negative divergence.

AMZN, which made yet another lower high, still looks likely to head lower.UPDATE: 3:40 PM

More of the same, with algos marching to VIX’s tune.

CL is up .50%, but is just backtesting. USDJPY is barely hanging on to its SMA10. GC is having another nice day.

more later…