Futures are slightly higher in the lead up to Wednesday’s CPI print.

continued for members…

The big picture remains unchanged, with ES/SPX unable to push above their rather extended necklines.  The bearish 10/20 cross has occurred for both, but the SMAs have flattened out.Note also that a bullish (bearish for stocks) 10/20 cross has occurred in VIX.Currencies remain almost flat – the point being to maintain the status quo for at least another couple of days. The exception remains BTC, which continues to slip.CL has bounced nicely off the channel midline but has run into its SMA10 and a TL off its recent highs. Moment of truth for oil.

XLE echoes the importance of a bounce here.RB is almost back up to its SMA10 as well. And, its bounce has been less convincing. The trend still looks like slightly lower for the 10Y, with the possibility of a breakdown in the event stocks fall apart. The 2s10s remains stuck at a semi-important level of overhead resistance. Remember, a breakout would deliver a world of hurt to stocks.