Futures are up sharply in advance of Wednesday’s FOMC decision which is expected to leave interest rates at current levels.

continued for members…

It’s not unusual to see equities rally into Fed meetings or the end of quarters. We have both in the works now, along with the general euphoria surrounding AI and all things NVDA.

SPX has technically dropped out of the rising channel, and will need 38-40 points to regain it. Note that VIX’s SMA10 has risen back above its SMA20. All it needs now is to see a sustained rise above its SMA200 in order to exert any bearish influence on stocks. Currencies are still rooting for the equity bulls, with EURUSD remaining stubbornly high despite a strong rise in US rates.

CL continues to melt up…

…while RB is practically soaring. As a consequence of both this and the hot CPI and PPI prints, the 10Y is almost back to Feb 22 highs.

GLTA…