Futures are up modestly after reaching the .786 Fib retracement and 1.272 extension yesterday. SPX is lagging slightly.

continued for members…

While ES has yet to reach its 4.236 extention, SPX hasn’t yet reached its .786. So, we could get a little more follow through today as things sort themselves out.

Arguing the bullish case, however, COMP has pushed well above its .618 and 1.272.Stocks likely won’t get much help from EURUSD, which has just about reached its .618.USDJPY, which is bouncing off our SMA200 target… …is already contributing to a stronger USD.CL is reversing off its SMA200 while RB is testing its most recent high. The muddles inflation picture has brought TNX back below its red TL, but it faces the SMA200 just below. Compared to the 2Y, which has reversed just as it threatened to make new highs…

…we can see that the 2s10s has reached the previous TL of support. A push through it might add to investor nervousness, especially if the rise accelerates.