Futures are sagging after powering through another key Fibonacci level. At this point, the only question is whether or not we see a backtest.

With OPEX coming up tomorrow, it’s unclear whether we could get a full backtest of the .786 at 4534.63.

continued for members…

The .786 was ignored just as much as the .618 was, indicating a bat pattern targeting the .886 Fib. SPX’s channel continues to be a very good guide.Note that VIX is close to reversing its bullish (bearish for stocks) 10/20 cross.

EURUSD is still slipping, but very slowly. And DXY hasn’t seen much of a bounce yet following its backtest. CL continues to hold on to its SMA10 even after testing the channel top and SMA200. With tensions increasing in the Middle East and Russia/Ukraine, this isn’t terribly surprising. Gas is still breaking to the upside.  Can they help TNX up to its 47.55 target?