Futures are off modestly following the long holiday weekend, OPEX and much hotter than expected housing starts.

continued for members…

The overall picture hasn’t changed much.

VIX is back above its SMA10 again – at least for now.Currencies continue to point to lower equity prices.

Oil and gas point to lower prices as well.

Per our cycle study, prices should fall steeply over the rest of the week.  We’ll be watching to see if the SMA10 is even backtested.

Stay tuned…