We’re getting an USDJPY-driven overnight ramp…

…with a 10-pt bar at 1am just because.

It’s probably worth keeping an eye on EURUSD today…

…as well as the 10-yr, which is still flirting with a dip below the red channel midline.

It’s one of the indicators I’ve been studying that challenges the notion that the unrest in Ukraine, Venezuela, Southeast Asia and MENA, the faltering growth story in China, Japan’s continuing implosion, spiking food and energy prices around the world, and the Fed tapering are a positive backdrop for equities prices.

Note how the reversals off the lower dashed yellow TL have coincided with SPX declines of 20.1, 9.9 and 8.9%.  Most recently, TNX failed to retake the upper TL which also has an impressive story to tell (declines of 52, 15.4 and 20.1%.)