Losses on the S&P futures reached 21 points early this morning, ostensibly on trade concerns.  But, it certainly didn’t help that WTI futures dipped below 64 and RB futures tagged our next lower target (the SMA100 at 2.0055) overnight.With scores of central bankers hitting the airwaves this week, housing starts and building permits coming out tomorrow, and the OPEC meeting coming up on Friday, we’re in for an interesting week.

continued for members…

Around the horn:

SPX’s falling white channel is looking good as long as today’s losses are limited to 21 points……with plentiful downside targets if the red channel bottom should break. The dollar is still holding near its breakout level.EURUSD is still deciding about the channel breaking down.While, USDJPY is nearing our upside target, having backtested the SMA200 once so far. And, the Nikkei  is looking for its rising SMA200 — now that it has emerged from the falling channel. We should get a bounce here, but CL and RB still have potential downside.  I’d play along with reasonably tight stops. UPDATE:  2:44 PM

DJI argues for the worst of the damage being over.CL has bounced back above its SMA100 and threatening to retake the TL……and, RB is threatening to break out of the white channel.

No surprise that VIX had a big reversal — but, odd that it didn’t make it all the way to the SMA200. SPX faces a test here at the SMA5 200 — should provide guidance as to potential additional downside.I have to run out to a doctor’s appointment, will follow up after the close.

GLTA.