Even without a new vaccine approval this morning, futures have managed to gap back above their 10-DMA.

It’s not an unusual occurrence for OPEX week. But, note that VIX also gave up 12.6% of its recent gains overnight to test important support at its 20-DMA.

continued for members…

At this point, the ramp job counts as nothing more than a backtest. But, we’ll want to watch the speed and duration lest it regain the red TL which would reemphasize 3730.29.

The ramp appears to be geared toward allowing DXY to complete its test of the .886 at 89.88.With USDJPY having broken TL support again on its way to 102.38……and EURUSD eyeing the .886 at 1.2336. GC and SI are mixed this morning, both having backed off their recent backtests. And, BTC has managed to hold the red TL from October.The bigger picture shows the red 1.618 at 20078 and the blue 1.272 at 24165 as the two upside targets for Dec 31.CL and RB are still supportive this morning in what continues to feel like a very defensive posture. On the bond front, the 2s10s has backed off its recent breakout threat.  At 80 bps with the 10Y still showing potential down to 84.4 bps……we could still see the 2s10s backtest 70 bps in the next day or two.