Tests All Around

Futures are off about 10 points this morning in a rare holiday weekend drop……due primarily to a big drop in oil, which failed to top its plunging SMA10 and, instead, tested its SMA200 for the fifth time in the past six sessions. More importantly, it broke a trend line dating back to Oct 3.Unless it bounces back intraday, stocks will be facing serious headwinds which include USDJPY’s failure to complete the breakout it threatened last week.