The OPEX meltup continued overnight, with futures up modestly to new 9-month highs.

Powell speaks at 11am ET and might shed some light on the implications of treasury yields which have pushed to new cycle highs – reflecting a much more cautious assessment of the debt ceiling negotiations.

continued for members…

The equity picture, with charts reflecting tags of the .886 Fib retracements.

Currencies are still pushing DXY higher, with USDJPY enabling new highs for NKD.

CL and RB are still bouncing, with both still in backtest mode. It has enabled XLE to remain above its neckline, but note that it hasn’t yet pushed through its SMA10. As mentioned above, the 10Y and 2Y yields are rising, with the 2s10s dropping to as low as -62 bps. With plenty of charts showing backtests at significant resistance, I remain cautious.

GLTA