Futures are flat this morning on a very quiet news day. Not even the ECB’s mind-numbing something-for-everyone statement could motivate markets to budge off “unchanged.” This, of course, comes after a classic VIX dump ramp job into the close yesterday which resulted in more important backtests.

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ES backtested the purple channel line as well as the yellow channel top and .786 Fib retracement. If it can’t break out, it will have established a small H&S Pattern targeting 4037ish.

Ditto for SPX… A proposed path to the 3.618 Fib extension backtest… VIX is still calling the shots… The euro tried to push above its SMA100, but has so far failed to do so.

Together with USDJPY’s stall……this has left DXY stuck in the doldrums of that little white channel it has failed to break out of three separate times. It is beginning to look more like a megaphone pattern. It has been generally supportive of GC and SI, but we’ve been here before and been disappointed with the lack of follow-through.

CL and RB are taking a bit of a breather, seeking help from TLs off the recent lows. The Fed continues to play chicken with inflation. Clearly RB isn’t going to drop enough in the last week of April to pull CPI back down to acceptable levels. Though, you’d never guess it from the way the 10Y is acting.