Futures have opened up a 14-pt gain overnight, positioning SPX to finally break through its IH&S neckline at 2670.  Leading the way: USDJPY, which broke out yesterday… …and VIX, which is finally breaking down after weeks of indecision. The bulls are not out of the woods just yet.  SPX still has to hold 2670 and then its important 2.24 Fib extension (2702.63) in order to break out.  But, if the Dow is to be believed, this morning offers an important opportunity for the bulls.  Will they take it, or are we looking at another head fake?

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