More than 1 million COVID cases were reported yesterday, by far the greatest amount ever reported in one day and almost certainly undercounted by a significant amount.Naturally, markets were up overnight with futures reaching new, all-time highs.

VIX, the usual culprit, was hammered of course. But, the more significant algo-baiting signal was USDJPY, which made new highs.

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And, why not? The NKD has been languishing for over a year with a simple backtest of its 1.272 still apparently too scary for the BoJ to contemplate.

The more troubling chart from the bears’ standpoint is DJIA. It already reversed at its 1.618 in November, subsequently reversing to test its SMA200.

Like NKD, it hasn’t been able to stomach a retrace of the 1.272 and is making new all-time highs and indicating a breakout of its rising channel from 2008.Another strong signal is being sent by the 10Y, which is again threatening a breakout above its Apr 2021 highs and IH&S neckline.