If the algos had their way, the economic data might not even be reported.

As expected, inflation is still nowhere to be found. The USD, which was doing its best to hold its ground on the back of recent hawkish Fed comments, has plunged below key support.  Yet, futures are still in the green.Is this a turning point, or are we really going to see new highs on lousy economic data yet again?

As long as VIX has room to maneuver lower — which it does — there’s a very good chance.continued for members...

USDJPY has also plunged, but to potential channel support.So, it’s up to VIX and CL to try and stem the tide.

So far, they’re doing okay.  But, we’ll see after the open.I wouldn’t rule out the possibility of notching a new high, and then letting the slide occur. UPDATE:  9:39 AM

A reminder: we have consumer sentiment coming up at 10AM.  It almost always rises to the occasion when needed to help stocks over a hurdle.UPDATE:  12:41 PM

New all-time highs.  If ES’ channel matters, this should about do it for now.  For those interested in rolling the dice over the weekend, this might be a good entry for a short position. Use tight stops and keep a close eye on VIX.  All it needs to do to keep the ball rolling is break down through the red TL at about 9.77.I’m going to sign off for now, finish the NKD post, and head out on vacation.  I might update some other indices/currencies over the next few days, but I won’t be doing any intraday posts next week.

I wish everyone an enjoyable weekend and week ahead.