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There is an American slang term "Going Postal" that refers to when a person becomes excessively and uncontrollably angry at a workplace environment.  This originated as there were a few US Postal workers that snapped, lost control, and shot and killed co workers in the 90's.  It might be said President Trump has "gone postal" against Amazon with his now daily attack tweets where he claims Amazon is using the US Postal Service as their "delivery boy" costing the US Postal Service and US taxpayers billions. Unsaid is how Jeff Bezos, is the richest man in the world and also owns the Washington Post and Trump's coverage hasn't been complementary.  Naturally there has been a huge market reaction each time with Amazon stock getting hit hard.  It actually matters since Amazon has been the largest attribute with the S&P and Nasdaq 100 in the past few years.  I see arguments for anti trust action against Amazon and other large dominant tech companies.  It hasn't happened yet and who knows if it ever does, but we have to be alert for the Twitter attacks especially when it's pointed at the most important company in the market today. 

Today's note isn't that important as today has Europe back open, moderately lower while the US is bouncing after a very weak day.  The 200 day moving average is back in the conversation however I'm more interesting in indexes and stocks that are trading below the February closing lows.  The S&P February closing low is 2581.00 and yesterday it closed at 2581.88.  It matters since Wave 3 would be locked in if it closed under so now we just have to wait a little longer.  

S&P bullish sentiment yesterday returned to the February 9th low of 9% bulls.  This is very low and as I said back in February, it can and likely will stay low.  In Q3 2015 and Q1 2016 sentiment reached these levels and had nasty selloffs with the backdrop of oversold conditions.  Remember people don't want to lose any more if lows are taken out and there are many buy the dip people who have quick trigger fingers as soon as losses begin.  One of the important takeaways from the Q1 correction has been the large AND quick outflows seen from passive funds and ETF's.  Be careful out there - stay nimble.

Notable:

• US Markets - Sentiment back to February lows combined with today's low conviction bounce could see a later in the week sell off.  NDX attribution is showing some different signals from a month ago
  
• European Markets - Still nothing to do
  
• Asian Markets - Shanghai getting closer to a downside exhaustion
  
• Tesla Update - This will be one of the biggest stories this year.  Mark my words
  
• Bitcoin Update - Still has more downside risk
  
• Crude Update - Sentiment at midpoint and WTI holding 50 day support.  Make or break
  
• USD Update - Upside potential yet just can't get moving
  
• Bond Update - Narrow range but tomorrow could be a bigger tell
  
• DeMark Screens -  Many of those price flips from Thursday could be busted
  

SPX bullish sentiment is back to 9%.  This can go lower.  
Here's a link to the Hedge Fund Telemetry market sentiment page with 40 charts of sentiment including equities, bonds, commodities, and commodities updated each day.   

SPX is bouncing today however there is now a new downside red Countdown on day 2 of 13.  Breaking 2581 on a closing basis will lock in Wave 3.

Nasdaq bullish sentiment is at 8%.  Yes very very low but it could go even lower.  

QQQ is right at support and also has a downside red Countdown on day 2 of 13.  

AMZN the most important stock in the market today is down a few hundred points but it hasn't been able to break the February lows - that could be said is a sign of relative strength.  This has a downside red Countdown on day 3 of 13.  This should be respected.  

Nasdaq 100 attribution YTD still shows AMZN as the clear leader however it's interesting and a BIG change to see FB, GOOGL and AAPL among the losers.  This is a real difference and says the era of FANG could be over.  

IWM Russell 2000 ETF has a downside red Countdown 13 (Sequential) today.  Although I believe gravity will take down all indexes when the SPX and NDX continue lower, the Russell could have better relative strength as investors seek hiding places.  

German DAX Index still has more upside work to do to give me confidence in starting a new long position.  

Euro Stoxx 600 did get its downside red Countdown 13 and has bounced however it is occurring in Wave 3 so a short lived lower high Wave 4 is ahead and I'd rather short into that Wave.  

Spain IBEX has stair stepped lower with lower highs and lower lows.  

Shanghai Composite is on day 11 of 13 with its Countdown

Tesla remains one of my high conviction short ideas.  I am not a current seller at these levels as there is always something Elon Musk has up his sleeve.  Breaking 250 might be a press but let the stock break first.  Today's deliveries were messy.  If you want the real story follow my friends Mark Spiegel, Tesla Charts, Montana Skeptic on Twitter as they have done a ton of work on the bear case.  

XBT USD Bitcoin is now in Wave 5 and has a downside Countdown on day 6 of 13.  This could also be a volatile beast too on the upside too.  

Crude bullish sentiment is at 50% down from a recent high of 70% divergent from Crude price

Crude is holding the 50 day moving average.  And if you draw a trendline from the February low is holding it too.  

US Dollar bullish sentiment is at 48% and  is stuck in a tight range

DXY US Dollar Index also has been in a tight range.  It has an upside red Countdown on day 7 of 13 and is really testing my patience as it can't break out.  

Bond bullish sentiment is at 55% and a new high for the cycle

US 10 Year Yields have backed off in a tight range and could have a Setup 9 tomorrow with implications for the TLT.  I'll show it tomorrow if we get the 9

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