ES spent 11 hours hanging around our next downside target yesterday.  While the session had many characteristics of capitulation, the fact that SPX didn’t quite reach significant support (3956) suggests that the overnight ramp is a head fake.continued for members…SPX came up short of its 3.618. With CPI coming out tomorrow and PPI on Thursday, there are plenty of opportunities for more volatility between now and then. If I’m wrong and SPX’s dip was low enough, then we have to look at ES’ former support at 4153.62 as the most significant overhead resistance. COMP clearly reached important support and could be done for the time being. The next downside target is 10,000-10,291 – scene of the channel bottom and 2.24. Currencies are fairly quiet this morning, with EURUSD being held up and DXY leaking higher anyway. BTC is bouncing. I’m perfectly fine calling yesterday’s lows the channel bottom and adjusting it accordingly for a bounce. But, the .618 at 28,600 is still a more compelling target and the bigger picture is still bearish.CL and RB are off slightly this morning… …so TNX is slightly lower as well.

The rising 2s10s still supports lower equity prices.I have a full day of research ahead of me, so probably won’t post again unless something significant changes.

GLTA.

UPDATE:  12:30 PM

There’s the SPX tag.