Futures are off moderately this morning, failing to hold the SMA10 overnight after testing the SMA20 on its way to a lower low during yesterday’s session.

continued for members…

The big picture for equities remains negative, with today’s FOMC minutes release likely to play a role in whether the decline continues. The next serious level of support once the SMA20 fails is the SMA50, now at 4337, followed by the white .886 and SMA100 at 4253.

VIX backtested its broken red channel yesterday and is modestly higher this morning.

The dollar is within striking distance of our 93.887 target.The EURUSD should get it there… …with USDJPY’s SMA200 tag likely to wait until at least next week.Gold failed to retake its SMA20 for the second day in a row……and is still backtesting its broken purple channel. This is a bearish stance, but I’m open to changing sides if it can push up past its SMA200 currently at 1816.10.

EIA inventories come out at 10:30am. For now, RB and CL remain content to test breakout levels without much of a reaction. Likewise, the 10Y remains on the fence, with the bottom of TNX’s rising purple channel just as appealing as the top. Will the Fed minutes offer any clues? I’ll be traveling the rest of the day.  Can’t help the feeling that worry-free travel won’t be in the picture any time soon.

GLTA.