Of particular interest is that oil has had two consecutive down days, something it has not seen since the middle of last month. And today's loss brought it out of the rising regression trend channel that begain on March 11st. That is a bearish trigger for oil. It has mostly been meandering around in the overnight so far, though in the last few minutes (just before 1:30 AM EST) it suddenly rose. However, I see no particular reasoon for this on the news wire, so that just may be one of those "who knows" things.
On the other hand, the futures have been guiding down all evening and are all down by about half a percent right now, a number that is definitely non-trivial. There's again no guidance from the VIX which remains stuck in no-man's land. There is some news out tonight about Chinese exports, but how and if that affects stocks tomorrow is anybody's guess.
In fact, that about sums it up - I have no idea where the market is going tomorrow. The inverse oil/market relationship suggests stocks may go higher, but the futures are pointing lower. And given that we're near the top of the recent trading range, that alone might be cause to imagine we're going lower tomorrow. But there's really just no clear direction tonight.
About the only thing I can think of is to watch the daily pivot which was12,179 today. Tomorrow it should be a bit higher. Watch for a break under that - that would be bearish.
No trades today. My OMEX trade from yesterday returned all of one penny to me today, but I'm still liking its daily chart. We'll let this one cook a while longer.
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