No matter how often neo-hawk Fed speakers repeat it, the algos are unconcerned about the “higher rates for longer” warning. Futures are poised to make a new all-time high this morning… …because VIX has broken down (-11.4% since Monday) and is threatening to break down again.Algos are also seemingly unconcerned with rising credit card and car loan delinquencies, hot PMI readings and the latest banking crisis.

continued for members…

VIX is back down to the TL from Dec 12.

There has been very little change in currencies in the past 24 hours other than the tiny backtests in EURUSD and DXY. Oil and gas are both up slightly, allowing TNX to hold its SMA200 after it almost closed its gap and backtested its SMA10, 20 and 50 yesterday. Will the algos reach ES 5000 or even SPX 5000? It’s quite common for stocks to melt up into CPI data releases (next Tuesday.) Keep an eye on VIX.