Futures were moderately higher overnight, but have pared some of their gains as we approach the open.

While most traders will focus on NVDA’s earnings due out after the close, it is also important to keep an eye on CL and RB as both are testing important support.

continued for members…

Note that stock prices are nearing our next downside targets. Currencies are fairly quiet this morning, with DXY bouncing slightly. Since interest rates are driven largely by inflation, which is highly dependent on energy prices, it make sense to focus on CL and RB’s rising channels. The most bearish development would be for the 2Y to break down while the 10Y remains higher.

For those wondering if NVDA has much downside, the answer is yes.  If earnings or outlook don’t pass muster…