Stocks are off slightly as the 2nd quarter draws to a close. The next quarter? I’ll be watching to see whether or not VIX experiences a bearish (bullish for stocks) 10/20 cross.

Equally important: can ES really maintain its bullish 10/20 cross indefinitely?

continued for members…VIX’s drop has been critical to stocks’ rally……with ES’ bearish 10/20 cross quickly “corrected” and a bullish cross put in place before much damage could be done. If VIX shoots up through the SMA10 and the bearish cross is averted, then we could finally get the 3.618 Fib backtest.

I’ll also be watching closely to see whether RB and CL break out – CL above a TL from its 2018 highs and RB from its sell range established over the past several years.

And, of course, USDJPY remains broken out, but could easily extend its rise. Gold and silver are still at very important support. Bond yields continue to settle lower.

The delta variant seems to be gaining traction in both Europe and the US. Are we in for another full-scale panic?  If so, would the broken stock and bond markets even care?

GLTA.