Futures are in a position to put SPX at new highs, even as ES itself is still a a little over 1% shy.

We have new lows on VIX – no surprise.

But, the potential trap for equity traders is that CL’s significant drop — thanks entirely to Trump’s and Bessent’s jawboning — is running into a channel midline AND SMA200. It is fairly likely to bounce here, which would put those new equity highs at risk.

And, DXY is only slightly above strong support.

All of these issues could be allayed by more of the same kind of manipulation that got stocks to where they are. But, the risk is real, and will remain so until we get a bullish 10/20 cross.

Stay tuned.