It’s been over four months since the DJIA pushed up through its 200-day moving average. Aside from a couple of wobbles at that time, it has yet to backtest this important technical level.

It got close yesterday, and would probably have accomplished it this morning if not for CRM‘s 16% surge.

Once it happens, the other indices will need to make some quick decisions. SPX and COMP are both loitering on the wrong side of the 200-day tracks.

continued for members…

The equity picture remains unchanged. Stocks will either snap back above their SMA200 and channel backtest support…or they won’t.  Everything else is pretty bearish at the moment, but it’s hard to know whether it’s just in service of the Dow backtest.

Currencies are accommodating, with EURUSD slipping and USDJPY destined for a breakout if it doesn’t reverse.

And, CL and RB are both on the upswing again… …pushing the 10Y over 4% for the first time in quite a while. Time for a smackdown?

Thanks to Salesforce, it’s going to be that much harder to get DJIA to 32,358.92. So, things could get pretty messy in service of that goal.

Stay tuned…