Futures are moderately higher after rising as much as 35 points overnight.

Wednesday’s FOMC rate decision will dominate the financial news this week.

continued for members…

Note that ES has joined SPX in rising back above its SMA50 – an important level of support if the bounce is to have any legs. The pattern isn’t terribly positive, but it’s not unusual for stocks to rise into FOMC decision days.

SPX would regain its rising white channel at about 5486.50. DXY is getting a bounce courtesy of the euro.  USDJPY is overdue for a bounce off its SMA200. CL and RB are still going sideways… …but the 10Y is off anyways, coming within 1 bp of its July 17 lows.

This puts the 2s10s back at -21.5 bps, threatening a breakdown of the red TL.