The futures are all set to deposit SPX at our next upside target (3306.51) on the opening bell, meaning a potential pop and drop. Caution is warranted, as a failure to push past resistance could presage a 7% drop.
The algos are watching VIX’s plunges and CL’s bounce with interest, as something’s gotta give.
continued for members…
VIX is clearly pushing the bullish narrative – but we’ll see if it lasts.
CL was here when I started posting 45 minutes ago…
Now it’s here.
And, RB is still holding at its SMA100. 
Likewise, USDJPY is still threatening a breakout.
Last, the 10Y has finally dropped through the red TL and is threatening another backtest of the broken purple channel.
Bottom line, SPX is in a great position to pop and drop – if it doesn’t break out instead.
The Dow continues to signal that very sentiment.
UPDATE: 9:32 AM
VIX is bouncing. Can SPX turn around here?
UPDATE: 10:10 AM
Decision time for CL, which is backtesting a channel line and trend line.
VIX seems to be open to a tag of at least the SMA5 200. Anything higher is a go-ahead for bears.
Ideally, it would coincide with a USDJPY breakdown below this little TL from Sunday.
SPX is thinking about it… 
Remember that ES is on a different track, with its 1.618 at 3314.49. So, we could easily see a bounce after the close that allows ES to make that tag.
The SMA5 200s for both SPX and ES have caught up with them, so it’s time for a decision one way or another.
More later.
UPDATE: 2:30 PM
ES is creeping toward 3314.49, so maybe it’ll tag it before the close. Anyone’s guess, really.
CL pushed up through resistance but is on its way back down.
VIX has technically broken out. 
And, USDJPY is still in limbo.
Last, though DJIA is higher, there’s nothing here that screams “breakout!” At least, not yet.
It’s overbought and showing lots of negative divergence with RSI bumping up against overhead resistance. All bearish, but we’ve been here before only to see it break out.
I don’t see anything to sway me one way or the other. So, it’s a coin toss at this point — though my gut tells me to be short here. I have to run out for a bit, will post more after the close if there’s anything to report.