We finally saw the backtest we’ve been expecting as SPX fell a whopping 70 points (-1.47%), almost reaching its 10-day moving average and bleeding off its overbought condition.

ES came within a few points of our Fibonacci backtest, also coming up just short of its 10-DMA.continued for members…

EURUSD is still threatening a breakout……while USDJPY is still slipping toward out 140 target…

…and DXY is going on five days in a row of threatening a breakdown without actually breaking down. Thanks to OPEC’s membership problems, CL/RB’s recent pop is unraveling. This puts the 10Y back in line with some economic fundamentals, but still ignoring the geopolitical risk posed by the Houtis or the Israel-Gaza war.