USDJPY and NKD are pointing higher…

…but, ES has yet to show its cards.

continued for members...

If it can retake its SMA10 at 1964ish (1968.20 for SPX), it should have much more upside.

UPDATE:  10:25 AM

Both ES and SPX popped above their SMA10s, but fell back below — ES to flesh out its rising red channel and SPX to backtest the midline of the falling white channel.  Note that ES is back within the falling white channel. In other words, both are within a small rising channel within a larger falling channel.

I suspect we’ll be in a holding pattern until the Fed minutes are released later this morning.  A reminder…regardless of what they actually say, the minutes have almost always been bullish for equities this past year courtesy of the algos that are unleashed after the initial burst of headfakes.

GLTA.