With futures off another 1% this morning, in advance of Wednesday’s tariff announcements, it’s hard to think of a reason to buy.  Sure, ES tagged a potential H&S neckline, but it takes a certain amount of bravado to risk more losses on that particular chart pattern.

Only a few weeks ago, of course, the bet was that Trump would blink as stocks’ losses reached 10%. Seemingly, he did.

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ES reached that neckline and has since bounced 20 points. Maybe meaningful, but I can’t think of a good reason to place that bet.

The H&S pattern is much better looking on SPX, where it overlaps an important channel midline. The USD remains under pressure as Trump’s policies and bluster continue to distance the country from its traditional partners. Stay tuned…