ES nailed our initial downside target yesterday and is currently off about 10 points this morning following weaker than expected nonfarm payrolls.

continued for members…

COMP is still pulling back slightly from its .618.Note that VIX’s SMA10 has crossed above its SMA20 for the first time since May 24. Of course, at that time VIX began its latest slide. So, we’ll look at this as a hint of additional equity weakness, but not a guarantee.EURUSD is backtesting its SMA10 and SMA20, so a break above would help prop up stocks following ES’ backtest of its SMA20.USDJPY, on the other hand, is off nearly 1% – a rarity. This leaves DXY fairly flat, but a falling USDJPY is almost always a negative for stocks. CL and RB are fairly quiet this morning – essentially remaining on the sidelines, though RB has inched back above its SMA200 again and CL is hinting at a bullish 10/20 cross. TNX continues on its breakout. GLTA…