It’s been a very carefully managed decline so far. With CPI coming out on Thursday, that might change real soon.

continued for members…The big picture: Currencies are on the sidelines, with EURUSD getting a little bounce and USDJPY inching higher. The result is a tiny pullback in DXY.GC and SI are still breaking out. I’ve added three additional targets to SI at 28.71, 30.73 and 35.235 as it appears a SMA200 backtest is becoming less likely with the breakout above the red TL from Feb 1 2021. All are backtests of the purple channel.

BTC continues to threaten a breakout above its neckline. While I remain bearish, I should point out that the SMA200 is rolling over and will come into view soon as a viable backtest target. At the same time, BTC’s RSI offers some hope of a bounce on the black TL. Bottom line, keep your stops very tight.

CL and RB continue to levitate. I’ve added some logical upside targets; but, frankly, it’s anyone’s guess where these end up because it’s anyone’s guess what Putin has in mind. There is no apparent off-ramp for this madman where he could declare a win without also remaining a pariah for the rest of his life – thus sidelining Russia’s oil and gas. Even China is starting to act a little nervous.

More later…