Futures are up modestly ahead of today’s open as oil prices are once again on the rise.

continued for members…

Nothing much has changed since last week. SPX and ES stand a very good chance of backtesting their SMA50s... …aided, of course, by VIX.

Currencies remain on autopilot…

…except for GC and SI.  GC is likely headed down from here… …while I can see SI taking a swing at the higher Fibs.Meanwhile, CL and RB are quite understandably reacting to the ratcheting up of tensions in the Middle East. I’m 100 miles into my walk of the Camino de Santiago in northern Spain, and I’ve yet to meet a single European who isn’t nervous about Putin’s designs on Eastern Europe and beyond. They are almost universally also nervous about Trump’s cozy relations with Putin.

I remain of the opinion that the Biden administration and allies will pull out all the stops to bring down the price of oil and rate of inflation by November. Not saying it will be easy, as the Saudis et al would be more comfortable with Trump in the White House. The economic drama is obviously made all the more dicey by the Israel-Hamas war.

I’ll hopefully be able to post again on Thursday, GLTA.