As expected, ES has broken out above the trading range it’s been stuck in since June 17. continued for members…

On the daily chart, it hardly registers. But, a couple of quick backtests later, the push above the 261.8 Fib extension is quite important as it opens the door to much higher prices.

EURUSD, as expected, has tested the white channel top again. If it pushes slightly above, it cheapens the DXY – which would help stocks. Rising oil and gas prices continue to be a source of concern to the market.

This somewhat offset the uptick in unemployment which might have sent the 10Y significantly lower. The 10Y did manage to slip back below its SMA200, which is a good start. Importantly, it allowed the 2s10s to reverse course as we discussed on Wednesday.