If you were keeping score from a charting standpoint, you’d find a lot more bullish indicators than bullish. Moving averages, RSI, etc – many of them signal that the worst is over. But, that pesky 50/200 cross is still hanging out there. And, it would take a lot more than a week-long bounce to negate it.

continued for members…Apologies for the very late start this morning. I’m on an unexpected business trip and dealing with very slow hotel wifi. Our charts are essentially unchanged from yesterday. VIX and CL are still working to prop up stocks… …while USDJPY suggests the bounce is over.The SPX view…where the key is obviously the SMA200.

I’m still looking for USD to continue its ascent against the euro, even if it declines against the yen. Gold and silver are still backtesting…

…and BTC is still extending its flag/channel with the SMA200 getting closer every day.CL is higher this morning, but as we’ve discussed this is no longer the gift to equities it once was… …especially as it drags rates higher. TNX remains the best argument for this bounce to be done – at least for a while. With the purple channel now relegated to the dust bin, is the Fed really okay with a breakout of the red channel too? I don’t think so – especially with the yellow channel top not that far away.GLTA.