All the bullish factors which have kept stocks aloft the past two sessions are still going at it.  Hence, the futures’ snoozefest even as Trump is about to be impeached.The only potential fly in the ointment remains oil and gas, which have reached an important decision point.

continued for members…

CL is up against a channel midline and a TL connecting recent highs……while RB has backed off a .886 tag and broken channel backtest. Given the Aramco IPO is finally here, I’d short here with tight stops.

SPX and ES are still 12-15 points away from their next resistance levels: ES 3212 and SPX 3206.  They should have no trouble maintaining these levels or higher as long as USDJPY continues to melt up.  Note that in addition to yesterday’s golden cross the SMA10 has crossed the SMA20. The pair should test the purple TL at about 109.82 and, if necessary… …bust through that to reach the red channel top and/or the white .786 on a second backtest of the purple channel.ZN is still edging closer to its SMA200…

…and it should be interesting to see whether TNX and RB remain in sync. DXY has backtested its broken channel line. EURUSD is backing off its SMA200 again.And, VIX is still moderating everything with its daily dip below the white .886. Not a whole lot to get excited about so far today. Though EIA inventory data comes out at 10:30AM — which could see a reaction from RB.   API reported big builds in oil, gas and distillates yesterday. If EIA confirms, it will mean extra effort from VIX and USDJPY to offset the damage.

I’m taking the day off to help my daughter move out of her dorm.  She’s heading to Italy for a semester abroad beginning in January.  I’m excited for her, but already missing her too!

I’ll post more tonight if anything interesting happens. GLTA.