Markets are quiet as we approach the opening, with deck chairs being positioned for tomorrow’s CPI release.

Here we go again…

continued for members…ES’ SMA200 is now only 40 points below its 3.618 extension at 3997 and is rising fast. As we discussed last week, SPX has already reached its.VIX is keeping all the plates spinning by slipping a little lower.And, USDJPY is doing its part by slipping higher… …mitigating the usual negative effect on equities of a strengthening USD.Note that DXY has almost reached our next upside target – another backtest of the broken white channel. CL and RB are rebounding slightly ahead of tomorrow’s EIA inventory report. There’s no denying the importance of the next steps price-wise – particularly since rising inflation has become much more widespread and is being driven by more categories than just energy. GC and SI are holding their own, with SI still sitting atop critical support and GC in desperate need of some. Last, the 10Y is backtesting the purple channel yet again with expectations (consistently wrong) that higher inflation will driving rates even higher. And BTC managed to close above its SMA200 yesterday – the first time since May 20.