Futures are up about 1%, backtesting the June lows as we approach the opening bell.

continued for members…

The pop has been driven by VIX, of course, back down below the trend line which has marked every interim low since January. Note that we’re due for a 50/200 cross (the white arrow) in VIX within the next few days.

The current equity picture shows SPX would need to gain about 52 points to do more than backtest its June lows. As in June, this seems to be driven by the desire to protect COMP. Back then, it was a channel bottom. Now, it’s the June lows themselves.The other major factor this morning: oil. OPEC+  is rumored to be contemplating a large production cut. Said rumors have driven WTI and RBOB futures up over 5%.

Thought the 10Y isn’t buying it.Unlike silver… Elsewhere, EURUSD is still backtesting its white channel midline and SMA10 while USDJPY ambles slightly higher.

DXY and BTC are standing pat.Several charts suggest Oct 4 as an interim low, so please trade carefully.