Futures are flat following a strong advance yesterday and ahead of important UMich consumer sentiment.continued for members…

SPX and ES have both reached channel resistance and ES is nearing the white 1.618 and yellow 1.618.

While VX is testing the bottom of a falling wedge.  With the market fully pricing in the benefit of multiple rate cuts and inflation seemingly misunderstood, we are probably very close to a turning point/backtest.

Currencies continue their sideways shuffle, though DXY is likely to bounce if/when the 10Y does.

Likewise, CL and RB continue stabilizing and are higher on the day.

The 10Y is up to 4.06 after dipping to 3.996 yesterday. Note that it also nearly reached the white channel midline which is important support. While I expect a bounce here, I’m still looking for lower lows by the end of the year.

GLTA