As expected, Powell and Co. were not amused by the market’s recent exuberance and decided to take things down a notch.

The algos haven’t yet given up, though, with VIX still under pressure and DXY remaining oversold.The reversal is working just fine so far. But, with OPEX tomorrow and two weeks left in the year, we’re left to wonder whether the bulls are ready to throw in the towel.

continued for members…

Many investors who completely disregard charts might even privately admit that it was all really obvious… This is a tiny rise for VIX given that ES is off almost 1.5%.Likewise, EURUSD continues to melt up, putting additional pressure on DXY in an effort to prop up stocks. And, of course, the BoJ wants in on the action…

…lest the NKD break down again.Its chart is just as legit as the Dow’s – which is to say NOT.

Decision time for oil and gas. They’re still in the crosshairs of every central bank on the planet searching for an easy answer to inflation. A breakdown would solve so many problems…

This leads us back to the 10Y, which is falling for all the right reasons this morning: the fear trade. If RB can do a quick drop to 1.88 and take TNX down to its SMA200 – currrently at 31.46 – then all will be right with the charting world (if not IRL) and stocks wouldn’t feel the compulsion to rally.It’s a tall order, but it kinda makes sense – especially if you squint a lot.

Speaking of things that are a little sketchy…gold and silver are having second thoughts about their recent rallies (though I wouldn’t necessarily count silver out just yet.) BTC is also in trouble, having run into its SMA50 as it backtests the most recent support to have broken down… …as it runs face first into important RSI resistance.  Not good for the bulls…Stay tuned…

UPDATE: 1:25 PM

This is turning into quite a tumble.  Don’t be surprised if we get a hard bounce when DJIA reaches its SMA200 (currently 32,459) and/or COMP reaches the red TL at 10,585ish.

I wish I didn’t even have to mention this, but today DJIA is experiencing a golden cross, where the SMA50 crosses above its SMA200. It’s traditionally a bullish signal. Today, it seems ridiculously ironic. Either the signal will fail anyone relying on it or the market will be rescued. Neither is a terribly appealing option from a market integrity standpoint.