How sensitive are algos to quips from the White House on trade?  This is what sent futures soaring early this morning:

That tweet has been deleted.  This is what Mnuchin actually said:

S&P futures gave up 13 points on the correction, but are still up 9 points — loitering just above the SMA10 they tagged yesterday — mostly on an interim bounce in USDJPY.

Bears can take heart that VIX held a small TL of support. Though, this also sets up a potential buy signal in case equities have the temerity to decline a second day in a row.continued for members…

The equity picture:

The USDJPY bounce is providing most of the boost… …with additional help from EURUSD.CL has officially reached our bounce target.  For those playing the breakout, this should be the end of the bounce for both it and RB. Treasury futures pushed above their September highs again yesterday and are still coiling for the next move higher. I’ve often compared the current market to 2015-2016.  Though we should always expect a ramp job at the end of any quarter, recall that the end of Q2 in 2015 SPX put in several pretty ugly days — giving up 73 points between the 22nd and 29th.

The recent move to new highs busted the big H&S, but that doesn’t change the outlook.  I remain bearish.UPDATE:  6:00 PM

Both ES and SPX closed below their SMA10s — a weak close that should carry through.CL ran out of juice… …while RB actually gapped lower.USDJPY ramped higher, but ran out of upside at its SMA10. While VIX held up surprisingly well.GLTA