Pretty standard fare for an OPEX week…futures have ramped 1.6% higher on a bounce in USDJPY and CL and a trounce in VIX.

continued for members…

From the look of things, TPTB are determined to ramp into OPEX with the most likely target being the backtest at ES 3786-3800. Obviously, VIX is in position to put a stop to further equity downside by breaking down below the red TL, which intersects with the SMA20 at 30.75.

In addition to USDJPY’s continuing leak higher, the rest of our currencies are seeing a small bounce. CL and RB are also slightly higher… …though TNX is off about 1.8%, back below 4.00%.

One word of caution, just to even things out a bit…  With this bounce, DJI is seeing its SMA10 rise above its SMA20. It might be a headfake, or it might uncross before the day is out. But, it’s worth noting this potentially bullish move – even if SPX/ES/COMP aren’t following suit.

There is quite a bit of put buying (for obvious reasons) and this lopsided positioning always poses a risk of a messy unwind.

GLTA.