Futures are up slightly as we approach the open – an extension of the bounce off recent lows.

continued for members…

The bigger picture shows a clear path to new lows in mid-Feb…

…with the SPX target needing to be moved forward unless the floodgates open today.

VIX has held its red TL so far.

There are so many potentially market-moving events happening this week, it’s hard to know where to start.  The most obvious is CPI on Thursday.

Interestingly, CL has jumped up and tagged the potential turning point we discussed last week.

RB continues to look extremely overbought based both on RSI and the TLs/channels. It’s still a breakout, but it might give TNX cover to reverse its recent pop.

The currency picture is still fairly neutral, with the recent breakouts/breakdowns not going anywhere – likely a stall.

BTC finally broke out of the channel we’ve been discussing daily. It has overhead resistance at the black neckline. It at least postpones a drop below 30,000……though it doesn’t necessarily take it off the table. We still have a death cross and a huge, completed H&S Pattern pointing lower. Never say never with BTC. If BTC ramps above the neckline, then there’s very good potential up to the SMA200 at 49206.

I will be on the road the next few days, so posts will be limited to early morning updates until Thursday.

Forgot to post this earlier…FB has dropped through the .618, heading toward the white channel midline. There are two potential levels that could matter. The first is the Jul 2018 high at 218.62.

The slightly higher support is the Jan 2020 high at 224.20.

Both are legit. If FB drops through both, then it’s in very serious trouble. If I were Zuck, I’d be buying hand over fist at 225 – slightly below where it’s trading right now.

Bonus chart:

GLTA.