Significant price action in bonds, as US 2-year yields jumped above 4% and 30-year yields jumped above 5%. These are the most important levels to watch.
The 2-year yield had been suppressed for two months by constant tweets and fake news from Trump every time it hit the 4% wall. If we manage to leave a clean close above these two key levels today, the subsequent moves could be magnificent, especially considering the overextended rally we have seen in equities over the past 4–6 weeks.

Note that DXY101.84 is also attempting to break above 99. This is the key resistance level we identified after the ceasefire. As long as DXY stayed below this level, it was supportive for equities, and we have indeed seen a nonstop rally in equities over the past month. A break above 99 could accelerate the downside in equities.

USDJPY158.143 is also heading higher despite MOF/BOJ intervention efforts. As I pointed out before, Japan must buy yen violently enough to push USDJPY below 155 and sustain it there for a few days. Otherwise, this intervention will be futile, with tremendous paper losses on the yen it buys and continued pressure on its FX reserves.
More importantly, it weakens the MOF's toolkit, as the market would start to see the MOF as incapable of controlling USDJPY. USDJPY has been actively managed through verbal intervention over the past decade, with occasional actual intervention. Our model shows that the true USDJPY should be in the 300–330 range.
If the MOF loses control of 160, we should see a violent grind higher in USDJPY. That said, I do not think we would see it move much higher unchecked, as the MOF will likely intensify intervention, and as USDJPY grinds toward 170, the BOJ may be forced to change its stance on rates, which could prevent further yen depreciation.

Oil remains relatively low compared with where bond yields and SPX7,837.19 are trading. Over the past two months, we usually saw SPX lows coincide with oil around 120, 2-year yields around 4%, and 30-year yields around 5%. As of this writing, oil remains around 100. Any significant move higher in oil could accelerate the downside in the coming days.

Turbulence ahead. Brace, brace, brace.