It seems like it’s been forever, but most of our targets are now being tagged or are on their way to being tagged. So, if I hear one more talking head on CNBC say “no one saw this coming,” I’m going to lose it.

After two weeks, WTI’s flag pattern finally broke; it’s off another 3% this morning and likely to reach 57.93 later today — completing a sweet 13% short from Apr 23.  If 57.93 doesn’t hold, look for 55.55.

USDJPY also finally broke down and is headed south fast.  If/when it breaks 109.88, look out below.As soon as VIX pops back above its SMA200 on its way to a 20 handle, we’ll know SPX/ES are finally going to be cut loose.

 

continued for members…The rest of the lineup…

RB’s backtest is quite important.  If the yellow channel top doesn’t hold, we’ll look for the SMA200 at 1.7683.

Likewise, if USDJPY’s SMA10 backtest doesn’t hold, our 108.40 target is in the clear. TNX finally broke to new lows this morning. …leaving ZN with a clear path to 125’205 and, if that doesn’t hold, to 127’260. VIX’s targets have been out there forever. Whether the falling white channel breaks down or not will depend on whether stocks need that much help to drop.  With CL tanking, they might not.

UPDATE:  9:55 AM

So far, so good.  SPX is approaching its neckline and gray channel midline, so things could get a little tricky in here. We’ll want to keep a close eye on our factors, starting with RB which just tagged its backtest target.

USDJPY has dropped through its SMA10… …and VIX has popped through and is backtesting its SMA200.

UPDATE:  10:20 AM

Quick update, as CL just tagged its SMA100, RB just fell through its backtest and VIX is back to new highs on the day.

Forgot to post these earlier…

For those of you wondering how important it is for BA to hold the purple trend line……it’s extremely important.

I have a slew of conference calls to do this morning followed by a lunch downtown.  I’ll check back in later.

GLTA.

UPDATE:  2:45 PM

Updates…  Wouldn’t be surprised to see SPX/ES bounce at their necklines, but the SMA200 is just below and COMP, USDJPY, ZN, VIX, CL and RB potentially have further to go.  Note that TNX landed right on the next downside target.