Futures melted up overnight with boosts from VIX and USDJPY.
continued for members…There’s certainly a chance that ES will break out, but it has ignored several opportunities so far. 
Ditto for SPX…but unlike ES it has already tagged its red 1.618. 
The past several days have seen VIX dance around its white channel line many times. At present, it’s back below it.
USDJPY is edging higher, and the algos are of course paying attention.
And, EURUSD is on its way to our next downside target. It should have no trouble reaching it… 
..while DXY’s path to our upside target is getting more and more clear. The dollar bears are finally capitulating, but will likely be caught on the wrong side after the backtest completes.
These are the sort of things you can do during a low-volume holiday week. Ordinarily, EURUSD’s breakdown and DXY’s breakout would matter to stocks.
Gold and silver’s reversal continues, with SI testing tenuous TL support and GC testing its SMA20 on the way back to its SMA200.
Speaking of which, CL nearly reached our downside target. It got as low as 74.76 overnight, with the SMA100 at 74.24. I show the channel top being slightly lower at 73.50ish, but this is a very long-term channel so a slight adjustment to its placement can make a big difference years later.
The 10Y is bouncing slightly, but only after failing to break out after a second test of the neckline that it cannot cross.
Last, BTC bounced after reaching our downside target, reaching its cloud top before settling back down. If it can’t break out, then the cloud bottom and SMA100 awaits at 53,533. 
Biden is supposed to announce that Powell will continue as Fed chair. I’m not so sure that it matters one way or another. Both Powell and Brainard are doves. But, the market will respond positively to a continuation of the Fed being behind the curve. I wouldn’t be surprised if Brainard is named vice chair…
I’m traveling today, so will leave it here for now. I’ll check back in later if anything interesting happens – a rarity during holiday periods.
GLTA.