Another overnight ramp job that’s fading as the open approaches. And, surprise! SMA10s are threatening to roll over.

continued for members…

The risk remains elevated for a backtest of SPX 3047.  Though yesterday’s sell signal was quickly neutralized when ES popped back above its red TL……SPX’s rising red channel is broken down……and VIX has not yet signaled a stick save.CL and RB got clobbered but bounced nicely by the end of the day. I still see weakness ahead for both, but particularly RB.  More info coming as I’m working on some big picture charts. USDJPY continues to go sideways, playing cards close to its vest. And, TNX continues to suggest more downside even though it is technically broken out.To sum things up, the market is loitering at an elevated level in order to have some cushion should new tariffs come through this weekend.  If not, we could see new highs — so there’s plenty of headline risk.  If the tariffs do hit, everything (except CL and RB) is in position to prop things up.

I have to zip down to NYC this morning for some meetings, will try to post more later if I have the chance.

GLTA.