ES and SPX safely tagged their backtest targets yesterday, scampering back to safety by the close. Around 2:40AM, however, ES’ channel looked to be in trouble again. ES even dropped through its SMA5 200 – a no-no in any meltup scenario.
As luck (not!) would have it, someone in the administration (not Trump, we know he never watches the markets) was watching the markets at 4AM and slipped a note to Bloomberg that trade talks were going well. The yellow arrow marks the spot. 
All the stops have been pulled out: VIX is back below its SMA200, CL is back above its SMA200, and USDJPY got a bounce off its SMA50. And, just like that, all is well again. For now.
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