Aside from the higher highs which busted ES’ H&S Pattern yesterday, not much has changed. Congress and the Trump administration are still fiddling while America burns, failing to come up with a package that could keep millions of businesses and families from slipping into bankruptcy and foreclosure.

Futures are off about 15 points, driven primarily by weakness in oil and gas and another gap lower in the 10Y.

continued for members…

The bigger picture…SPX is set up to backtest its former high, with the white .886 the next level of support.

As before, VIX is in the driver’s seat. Oil and gas are slipping, with API inventory due after the close and EIA tomorrow. USDJPY is still in NKD levitation mode, trying to keep it above its SMA200. The EURUSD is still settling lower… …as the 10Y gaps lower again.I have several conference calls lined up this morning, should be able to post an update around noon.