Futures have rebounded about 0.5% following yesterday’s roller coaster session that saw SPX backtest its SMA200.

continued for members…

How determined are TPTB to get the Dow back over its SMA200 at 32,363? The bulls still need a lower VIX. It would be extremely helpful if VIX’s RSI could break down. There’s plenty of room to fall, with support still at the SMA50, the red TL from Feb 2, and of course the red dashed TL from Jan 2018.  The EURUSD has probably run its course, with the latest rebound having reached the rising white channel midline. If it can break through, then the white .618 at 1.1285 is in play.

Oil and gas are rallying just enough to keep TNX from breaking down.

If/when it does, the drop could be substantial before it runs into significant support at 24ish.Fortunately for the bulls, the 2Y has rebounded as well… …leaving the 2s10s below the critical -0.42 mark.GLTA

UPDATE: 3:00 PM

Bulls need a bounce here, and per VIX’s chart it appears they’ll get one.