Futures continue to lurk around the 200-DMA as we approach Friday’s OPEX, with plenty of bullish and bearish headlines stacking up on either side of this important line in the sand. When it finally lets loose, the move should be pretty dramatic.

continued for members…The bigger picture shows there is still potential for a breakout. But, remember, this is already a breakdown…followed by a backtest.

It’s even more clear in SPX, especially considering the rising red channel’s failure. VIX still looks ripe for another pop – though I’d have more confidence if we saw a 10/20 cross. Interestingly, CL is off sharply even in light of more concerning news from Ukraine that an attack is imminent. RB, on the other hand, gapped higher.Nothing much happening in currencies yet, but USDJPY remains poised for a drop… …as does EURUSD……so DXY can finally reach 97.727. GC is up nicely. Remember, it broke out above its IH&S neckline a few days ago. We haven’t seen a smackdown yet, but 11923.7 will be its first important test.Silver is still lagging, with plenty of overhead resistance both from the broken white channel bottom and, above that, the SMA200. BTC is not faring well this morning, with a solid drop back through its SMA10 and a test of its SMA20 just below. I expect its neckline backtest to be over and the downside to begin in earnest, but there’s a lot of dithering going on. For those playing the downside, keep your stops close and your timeframe longish.