The economy is either growing rapidly or slowly.  Inflation is either spiking or disappointingly low.  Earnings are just great — except when they’re not.  Today’s “market” is like one of those carnival fun houses, complete with the curvy mirrors that distort reality — just, without the giggles.

Futures sold off sharply after the close yesterday, and have since rebounded to a small gain that, at this moment in time, represents a backtest of the stubborn TL that served as support for two long weeks.continued for members…If the backtest holds, then ES is likely headed for 2111 target.  However, we’re seeing new highs in USDJPY which, are so far compensating for CL’s sell off  So, it’s kind of anyone’s guess. While traders try to figure out whether or not 2.9% GDP is a good thing, I’d focus on this ES chart’s TL.

If CL can hold 48.28 and USDJPY remains broken out (it has been very squirrely on this count, lately) then SPX should be able to hold 2130 and should be bought.  If, as I suspect, this is a prop job extraordinare designed to keep things together until the election is over, then this is fairly likely.  The top of the falling white channel has been great.  The bottom, not so much.I believe they’re trying to draw some channels from the Feb bottom that hold prices roughly at these levels.  But, there’s a pretty large margin of error.I have no live price targets for you today.  I just got off a red-eye, so they probably wouldn’t be very good anyway.  SPX appears to have broken down.  The obvious levels to watch are the red .618 at 2130, the white midline at 2126, and then the red .786 and .886 at 2123 and 2119.

But, again, I’d only hold short as long as ES can hold below that TL at 2128.

GLTA.