Futures rose to fresh highs overnight on algo action. Currencies, commodities and VIX all remain in position to aid this rally – as long as the bevy of earnings due out this week complies.

continued for members…

There are additional overhead targets for both ES and SPX coming up. The most important is probably SPX’s 2.24 at 4883.58. At this point, we could get a backtest of ES’ SMA50 without making lower lows. The same applies for VIX and its SMA200 whose SMA200 is now lower than the 1/17 highs. EURUSD continues to go sideways on the bullish side of its SMA200.USDJPY continues to nudge slightly higher. DXY also continues to go sideways on the bullish side of its SMA200.CL and RB continue to edge slightly higher, putting slight upward pressure on rates.

The only significant economic data due out today is the Conference Board’s Leading Economic Indicator at 10am ET. It has been hopelessly out of sync with the algos for quite a while.

I’ll be out most of the day, so won’t be able to post any updates.  GLTA