/ES (S&P 500 futures) are currently backtesting trendline from below in the pre-market session following yesterday’s breakdown & needs to take out yesterday’s lows to increase the chances that the breakdown will stick & open the door for an impulsive correction.

ES 60-min Feb 22nd

ES 60-min Feb 22nd

The breakdown in the Nasdaq 100 (/NQ) appears legit although the Nasdaq won’t go too far without the SPX confirming. Next sell signal to come on a break below yesterday’s lows in both.

NQ daily Feb 22nd

NQ daily Feb 22nd

Treasury note futures are rising in pre-market. Is the smart money starting to move to from risk-on to risk-off? A trend worth monitoring. Speaking of trends, despite the fact the Fed pulled a 180 from hawkish to dovish after the stock market’s temper tantrum in Q4, all Treasury bonds from short to long-term have been in an uptrend since mid-Jan despite the Fed’s flip-flop to a dovish stance. This typically means one of two (or both) things: A flight-to-safety bid from the smart money and/or falling expectations for future growth in the economy. 60-min charts of /ZT (2-year Treasury Note futures) and /ZB (30-year Treasury Bond futures).

ZT 60-min Feb 22nd

ZT 60-min Feb 22nd

ZB 60-min Feb 22nd

ZB 60-min Feb 22nd

Status quo on crude oil for now. Sell signal still pending on an impulsive break below this price channel in /CL crude futures. I’ll follow up with some charts on the related ETFs (SPY, QQQ, TLT, USO) later today.

CL 60-min Feb 22nd

CL 60-min Feb 22nd

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