Another day of melting up through resistance.  Even the bulls are starting to wonder what’s going on.

There is a little excitement going on in the dollar as it pops up through channel resistance.  Will it hold, or is this a head fake?

continued for members…

SPX melted up through its Fibs, but was turned back by the purple channel top.

ES seems to be respecting its channel top…for now.VIX chose the lower path and is quickly running out of room to pop up to the SMA200.  We’ll see what happens after the inital 30-min runup.

CL and RB have both bumped a little higher, but have not broken through important resistance.On the bright side, CL now has a clearer path to the red .618 where it intersects with the rising red TL next Monday or Tuesday at 48.36.

And, USDJPY continues be be rescued.Bottom line, equities are at resistance and need help to pop through.  CL/RB need to drop a little further (at least) but haven’t been able to due to being pressed into service to support the algos.  I think TPTB will permit a little backtest here of the 2500 level, which would allow RB and CL to reach our downside targets.  But, so far, no joy.

It’s no fun riding through these bumps, knowing that there should be downside ahead.  The meltup seems impervious, and there’s always another higher target to go after, another channel to break out of.

Stay tuned and keep your stops where you’re comfortable. I have a few projects to work on, so will sign off for about 2-3 hours.

More later.

UPDATE:  3:10 PM

My alarms have been going off on GC, which just tagged 1269.80, 5.30 away from our next downside target.  Recall that we were looking for a bounce off Monday’s lows and then lower to 1264.50.  This is probably close enough, though I still suspect we’ll get a move lower later today or tomorrow.  DX is in nosebleed territory, and might have trouble going any higher.