The Most Important Charts

In a market where VIX’s every twitch can send stocks screaming higher (and, in the old days, lower) the most important chart is this one. A breakdown below the dashed line would be just as supportive for stocks as was the breakdown in late 2016.

A close second is this one, showing yesterday’s bearish (bullish for stocks) 10/20 cross. Algos love these technical signals to go all in.WTI ranks 3rd only because higher inflation is finally being considered problematic. A breakout here would still have important implications for stocks.