Futures are off modestly in quiet trading as we approach the open. continued for members…

The big picture hasn’t changed, with stocks still on the verge of breaking out. Note that the SMA10 has crossed above the SMA20, which has been a headfake many times over the past 10 months.

COMP has not crossed yet. And VX has dropped as far as it can without breaking down. The USDJPY is finally breaking down – though it remains to be seen whether it will be a significant drop. And, EURUSD is still hovering around its SMA50. This leaves DXY with a very slight loss… …and GC and SI flat. CL and RB are up slightly… …but TNX is off anyways – perhaps in response to the Case-Shiller home price index which is decelerating at a rapid pace.

Note that the Conference Board’s Consumer Confidence report is due out at 10am ET. It often has a significant impact on trading. It has been surprisingly rosy of late. Perhaps a reversal this time?