Futures are slightly negative this morning, with all eyes on both the economic data and NVDA earnings due out this week.

Note that two chart developments – including a Head & Shoulders pattern – have embraced the market’s bearish tilt.

continued for members…

ES completed a H&S Pattern targeting 5,882 – which would correlate with the white .786 as well as the bottom of the light blue channel which marked the last two lows. Note also that both VX and VIX have broken out.

Currencies are still mildly bearish, with USDJPY continuing to slip lower.

Though CL and RB are helping out on the inflation front, with both nudging lower.

Between lower oil/gas prices and the general risk off atmosphere, the 10Y gapped lower.All the bears (still) need is for the 2Y to make new lows – falling faster than the 10Y.

Stay tuned…