Markets are flat following yesterday’s 1.5% move higher engineered by a stunning 12% VIX smackdown off Wednesday’s highs.

continued for members…

Stocks would be higher… …except for the fact that CL and RB are breaking down again…

…which means that TNX backed off its threat to bounce any higher off its backtest.

Note that XLK, which is 40% MSFT and AAPL, has reached a pretty clear point of overhead resistance – the top of the falling white channel and a backtest of the yellow neckline. So, we’ll register this as a potential end to the bounce.

MSFT’s chart supports that notion…

…while AAPL’s is less clear cut.Currencies are on the sidelines today.

Stay tuned…