Friday’s conditions remain despite the late session VIX beat-down. USDJPY’s SMA100 did, in fact, cross below the 200. So, the daily SMA’s are all bearishly aligned — in addition to the TL resistance from the EOY highs. The attempted break-outs over the past few sessions have gone nowhere. Keep an eye on TL support at 101.76.
ES is playing its cards close to the vest, with the channel from Thursday and Friday yet to give up the ghost. Our downside target remains until it can at least break out of the channel. If things get going, ES 1959 is easily within reach, possibly 1956 or 1952.