Futures are up sharply on idle speculation that the Ukrainians and Russians are closer to a resolution of their differences. Or…maybe it’s just that CPI is coming out tomorrow and the Fed would like a little more cushion in the markets before a print that could be ugly.

continued for members…In any case, VIX hasn’t broken down yet, leading me to wonder how big a bounce this could be.

Stocks are still locked in a downtrend, but ES’ push above that little red TL is a nice touch.

SPX’s RSI had support at yesterday’s close. The key is whether it can clear the falling red TL.The EURUSD is getting a nice bounce off its .886… …wacking the DXY…… while the USDJPY remains on the sidelines.Gold and silver are also getting marked down.  GC is backtesting the red channel midline.While SI is retreating from its large white channel midline.CL and RB continue to back off Monday’s highs… …though the 10Y is angling slightly higher.There has been a lot of talk about the 2s10s approaching inverted status again. Note that such occurrences in the past have produced little change in equities. Breakdowns below the yellow TLs of support sometimes produce corrections.  It’s the breakouts above longer termTLs that produce crashes. Last, as we discussed yesterday, BTC is getting bid with a likely bounce up to the neckline as the SMA200 (currently 48,951) comes into view. As before, this will at least delay the channel bottom tag.GLTA