Futures are up modestly on light volume algo action in advance of tomorrow’s CPI data.

continued for members…

Note that ES is coming up on its H&S neckline backtest (4117ish) and its SMA20 – both resistance – but is threatening a breakout of its falling red channel.

As is often the case, the “breakout” is due almost entirely to a VIX “breakdown.” Note that although VIX futures are lower… …cash VIX is slightly higher. CL and RB are up moderately – ordinarily a positive for stocks unless they’re thinking about the inflation repercussions. DXY has almost reached our backtest target.  Note that the SMA50 should arrive in the next 24 hours.

EURUSD’s attempt to break out past its SMA50 appears to be failing.And, USDJPY is still clinging to the little red TL. GC is bouncing modestly on its way to test its SMA20 and SMA50. But, SI is getting a huge bounce to flesh out an alternative falling channel.Perhaps the most interesting chart for the day is BTC, which is up nicely – but is finally backesting its SMA100 along with its fourth day of backtesting the flag pattern.The 10Y is holding the line below 3.3% – avoiding, for now at least, another breakout.

GLTA