No, no, this could not work. Let's think it through. Sentient artifical life forms (SALFs) do all our work for us. Wait, we don't have to pay them any more than we pay a server now when we stick it in a rack. Great, corporations have cheap (in fact zero outlay) labor, and productivity is close to infinite. Awesome. Next, corporations go to sell their products. Hmmm, SALFs don't have any money nor do they need any. Human beings don't work anymore and don't have money. What good is all the productivity? You see, people like Marx and Hegel have thought about these things, and they have thought them through to their conclusions. Our entire enconomy is based on selling things to people, 90% of them things they don't need (the most amazing magic trick in the history of the world). Capitalism in it's current form eventually must implode. It may take three hundred years or a thousand, but the logical conclusion is inescapable. Money is a bootstrap. A bootstrap to what will take a Newton or Keynes (some say a Jesus) of the future. Now, the future that [current] corporations need is a future like that dreamt by Philip Dick in "Blade Runner" ("Do androids dream of electric sheep?"). In this future, SALFs come in models. So we have sex models, and combat models etc. But human beings still do the [easy] work (somebodys got to do it). That could work, I guess....
"FV" ~895 News: Goldman store sales, Redbook. IRs: 4-Week bill auction, 3YR note auction, Treasury STRIPS. Oil futures are tame pre-market. QM has taken quite a beating. Interestingly, SIFs decoupled strongly from oil late yesterday. We have been seeing clues that the relationship is weakening, but yesterday imo was the strongest evidence that these two markets are not in lock step anymore. For those that like conspiracy theories, it occurred to me that the US gov has been selling oil futures hard before the meeting with Russia. Think about it. Gold being itself - doing nothing. Note there is zero edge here compared to "FV". SIFs in range trading. This is going to resolve itself soon, imo. Support to downside 878 and 872.
Lights should be flasing, horns sounding. The just broken level of 878 ES is of concern. A break of 872 _SPX_ would be grave danger of just about any target to downside. I bet you $ 872 holds today.
"FV" ~875. News: MBA purchase, Oil inventories, Charles Evans speaks. IRs: 10Yr Note auction. Oil futures are great trending markets in recent times. That means that systems like volatility breakout systems would do well trading them. If you don't know what they are, here is a good article: http://www.traderslog.com/Volatility-Breakout-Systems.htm Yesterday oil futures sold off some more, and today as of this writing, it looks like it is going straight to $60, or below. Once again news that oil futures may be manipulated, and the CFTC is considering position limits. SIFs already have this rule. Gold futures will see $900 soon. SIFs are trading at critical levels. All of this is on [relatively] low volume, but if we break a key level, you may see volume pick up. 872. Nothing much more needs to be said. Until then, we are range trading on the higher time frames.
A moment we have been waiting for months is imminent. You must buy 872 SPX. You may lose, but that is as much support as anything you will ever see. If it gets attacked repeatedly with no decent bounce, you have to decide whether to bail. But the day is young...
You want to see relative strength of NQ here. That means NQ will have to go less red than ES. Then start lifting offers size.
"FV" has completely collapsed intra-day. ~860, maybe 855. That still leaves plenty of room for a spike higher from here, 870.
Now the retest, if it comes, is the only worry intra-day. I would watch NQ weakness for clues to get out of a long position, in ES or other. Otherwise, let it ride, and don't allow winners to turn into losers.