Mystified by the fact that futures ramped higher overnight even though VIX is up over 6%? It’s all in a day’s work for the algos, especially on the eve of a critical Fed decision in an OPEX week at the end of the year when the S&P 500 is facing a bearish 10/20 cross.

The point, of course, is to prevent that 10/20 cross which (as the futures demonstrate) is child’s play.

continued for members…

What happens after the Fed decision is anyone’s guess, of course.  But, there’s plenty of reason to believe the bearish scenario.

The currency picture is essentially unchanged from last week: EURUSD pretending to show strength and the DXY pretending to falter.

GC is still bottled up, though SI has broken free and is likely heading to its SMA200.

As we’ve discussed for the past few days, CL might very well be near the end of this wave down. Though, RB still has a ways to go until reaching important support at 1.88.This jibes with my expectation that TNX needs a SMA200 tag sometime in the near future – perhaps as soon as tomorrow if we get a strong sell off in equities – which typically doesn’t happen until after OPEX.Stay tuned.