Tax cut euphoria, combined with an overnight bump in CL/RB and a slump in VIX, has sent futures 10 points higher as we go to press.  As we discussed Friday, ES has rejoined the rising purple channel in the year-end melt-up.continued for members…

I have an early appointment this morning, so I’ll do a chart dump, then come back around 9:30 to offer some comments.

VIX has channel and horizontal support here.  Given that SPX is melting up, 9.33 might not be a bad entry point for the next pop.  It should go without saying that tight stops are advised, as the daily chart suggest the highs are in for now — conflicting with the 60-min chart that shows the white .886 as a decent target.

The DXY and USDJPY continue to look weak — though the EURUSD chart keeps me from getting outright bearish on the USD.  More meltup from ES, solidly back in the purple channel and likely headed for the 2710-2720 range where the white, red and purple channels intersect.

RB backtested the cloud bottom as expected, and could test the SMA200 in the next couple of days if it can’t push through the cloud bottom. CL continues to bump along, potentially headed for a plunge if the volume dries up and algos won’t get too wigged out.  But, for now, the trend remains higher.