Futures have made their way back to the top of the small, falling red channel in advance of tomorrow’s FOMC rate decision and commentary.

It’s mostly VX at work, spurring the algos to do the Fed’s work.

Certainly nothing has happened on the global economic or geopolitical front to justify a rally.

Yes, the administration is hammering oil futures to keep them below $100/bbl. But, our allies – perhaps recalling Trump’s constant criticism and the higher tariffs of this past year – have mostly declined to rescue him from the dumpster fire he started. The Strait of Hormuz remains closed and the cost is mounting.

FWIW, in another day or two SPX’s SMA200 will have risen to the level of the Mar 13 lows – meaning SPX could bounce at legit support without making new lows.

Stay tuned.