Market in Maintenance Mode

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.

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