Futures are off sharply this morning, suggesting a break in the upside momentum.

continued for members…

The key will be whether ES/SPX can hold their SMA10s… …now that VIX has popped above its. It has tested its SMA10 plenty of times lately, but this is the first time in a while that it’s gapped above it.Many of the other factors we watch are swinging to risk off. EURUSD is finally backtesting its SMA200. GC nearly reached our 2162 target earlier. It is currently falling pretty hard and has dropped back through its previous high at 2078 – suggesting that 2152 might be as good as it gets for a while. If 2078 can hold, then 2162 is still in the cards.

SI reached our 26.34 target and is falling even harder. The nearest support is the SMA10 and fan line at 24.73ish, followed by the SMA200 at 23.50ish.CL appears to finally be breaking down… …along with RB. Although it still appears headed for its SMA200……the 10Y is getting a little bounce after breaking down last week. GLTA.