The market remains in maintenance mode — meaning only positive headlines are permitted to register.
Futures plunged 48 points from yesterday’s highs on news from the South China Morning Post that talks weren’t going well and the Chinese delegation would be leaving Thursday.
They rebounded on a CNBC report that talks would continue through Friday. They plunged again on a Fox Business report that the talks would end Thursday. They rose again on algo-bait releases regarding US concessions.
Speaking of algos…USDJPY, CL, RB and NKD are all being pressed higher in service of stable stock prices. USDJPY, for example, has rallied into the close most every day and is shooting higher this morning to get ES back to green in time for the open.
VIX, of course, remains under heavy pressure. Every attempt to break out has been hammered back below a recently-completed line in the sand. It’s silly, but it’s enough to impress the very impressionable algos.
Naturally, the financial press remains focused on basketball.
continued for members…
Our downside targets remain unchanged. Though, it’s become very questionable whether or not even blatantly bad news will be permitted to see the light of day before 4pm Friday.
CL and RB are making all kinds of noises about breaking out, but they’re just pretending. 
Note that RB has pushed above the significant yellow channel bottom every session since Oct 1, but always retreats to close below it to reset for the next day’s “rally.” 
And, CL has made a series of lower highs and lower lows since “breaking out” on Monday.
NKD also continues to “rally” but it’s not really making any headway. It has made lower highs the last three sessions and has yet to top its SMA10 on a closing basis.
The TLs converge today for VIX. Will it be allowed to matter?
The bigger picture for SPX and ES remains unchanged. ES is again backtesting the same old broken channel lines.
Will enough carbon-based investors step up to finally challenge the algos? I don’t know. It’s a sad state of affairs made sadder by the fact that no one is talking about it.
I have to be on the road today between 10:30 and 3:30. I’ll post again before leaving if anything happens.
UPDATE: 10:00 AM
Trump just tweeted that he will meet with Liu He on Friday, so the market popped 15 quick points. This suggests, at least, that the Chinese delegation isn’t leaving early. But, we’ll see. Been way too many of these comments/tweets to put any stock in them. My inclination is to fade it, even if VIX and USDJPY insist otherwise.
SPX faces important resistance here.
Heading out now, will post again at the end of the day.
GLTA.