Same Ruse, Different Day

For those who enjoy chasing the market higher on rumors of an imminent breakthrough on the China trade deal (coincidentally released shortly before futures open every Sunday) today is your kind of day.

After retracing 78.6% of its late 2018 plunge last Monday, ES showed signs of a retreat.  But the latest news — this one planted with the WSJ — has put an end to that.  At what point will the algos ignore this ruse and pay attention to deteriorating data?

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