Finally Here, Now What?

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Everything’s falling into place now, with ES almost to its SMA200 and SPX sure to follow.

This is a much better bounce spot (if there’s going to be a bounce) because, as we discussed several weeks ago, it also represents SPX’s 2.618 Fib extension.

Meanwhile, the 10Y and 30Y are threatening breakdowns. ZN, having reached our 113’180 target yesterday, is hinting at a test of its former highs. And, TYX appears to be dropping through the bottom of a channel from 2011. And, CL has just about reached our most consequential downside target from many months ago.Bottom line, this is critical support for both bonds and equities.