The disarray out of the Trump administration continues, with Navarro spewing a stream of consciousness word salad on CNBC this morning while Trump spent the weekend working on his golf game.

ES is off another 3% this morning, but has been all over the map – even backtesting our 4859 target at the IH&S it completed back in December 2023.

continued for members…

SPX should reach its purple .618 on the open – the next opportunity it has for a bounce. This would also be the yellow channel .236 line, not the bottom – which is closer to 4364. Note that SPX should also have a shot at backtesting its 2022 highs.

VIX reached 60 in the pre-market. EURUSD is still threatening to breakout, while USDJPY is breaking down. DXY is almost back to last September’s lows.

Oil and gas continue to slide, with CL dripping below the yellow wedge bottom and approaching our abandoned target at 53.87 from July 2023 and RB almost back to its white channel bottom at 1.99.

In any other world, TNX would be making higher highs, but fear is currently the overriding factor.

GLTA