If there’s any one chart that exemplifies what’s going on in the “markets” these days, it’s the Nikkei 225 futures: NKD.  Note the breakout from the breakdown — the key feature I see practically everywhere except for VIX, which is just plain breaking down.

BTW, I have some lingering issues with the website this morning.  If you experience any difficulties logging in or accessing any posts, please log back out, clear your cache and cookies, and try logging back in.  If this doesn’t resolve the problem, please contact me.

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continued for members…
I spent the entire weekend trying to get the website back up to speed.  I’d say I’m about to 60% of where I want it to be.  Posting is still super laggy, so I appreciate your patience while we get it the rest of the way.

Note that VIX broke down from the rising red channel, only to establish a rising white channel that it also broke down from, only to establish a small white channel that it broke down from.  It’s driving much of SPX’s rise.CL similarly broke down from the Feb 11 channel, and is rebounding strongly — but, on a backtest.USDJPY clearly broke down, but has pushed back into the rising white channel it broke down from.  It’s able to do so since CL is in the dumps.SPX should go on up to tag the purple channel top(s) at 2185-2190.  After that, we should get a backtest.  I’ve at all previous such breakouts from significant Fib resistance and will post the results in the remainder of the Aug 3 algo update in the next hour.UPDATE:  10:02 AM

SPX should reach 2174ish today around the close (or early tomorrow morning.)  Any thing lower, it opens the door to a backtest at 2138.  In general, I’d want to be short on any drop through the short-term moving averages at 2181ish, but be aware that SPX will likely get support from the up and coming SMA5 100 around 2179.UPDATE:  2:28 PM

Making progress…  Note that ES’ channel is much cleaner than SPX’s.