Futures regained most of yesterday’s losses on the back of a VIX smackdown and a sharp ramp in USDJPY.  Still, ES is hovering just below its SMA10.

For those playing BA, note that it has finally joined AAPL in backtesting its SMA200 – clearing the way for the next leg down as long as it remains below 363.41.

continued for members…

I’ll be back with commentary after the open.

SPX looks likely to test its SMA10 and perhaps its SMA5 200 on the open.

A backtest of the broken white channel and SMA200 looks likely for Thursday or Friday.

We’re seeing a nice reversal for CL……though RB is still hanging in there – perhaps waiting for the SMA100/200 cross coming up in the next few days.

USDJPY is making a strong move, suggesting a breakout which I don’t think will occur. And, though VIX was beat down pretty hard from yesterday’s highs, the rising white channel is still intact. The games that have been played with the SMA200 — all to signal the algos — is pretty obvious. The bond market is taking a breather, which we would expect if the big push is coming up in a couple of days.Note that by delaying the next leg down, TPTB have missed the opportunity to tag the intersection of the white .786 and the purple channel bottom which occurred on Apr 24.  This increases the odds of the white .886 – which would mean a breakdown of the purple channel (which, itself, was a replacement for the broken white channel.) So, I’m adding another price target at 20.66 – the purple .618.Last, COMP can close its gap from May at 7810.35 — about where the SMA20 will be at the end of the day.