Futures are up sharply in advance of the open after a $10 billion GM share repurchase announcement and a GDP revision that did nothing to dissuade algos from the notion that the Fed will soon be cutting rates VIX is plumbing new lows.

The market is rapidly running out of room for a pullback/backtest of any consequence before the end of the year.

continued for members… Note that SPX should break out of the falling white channel from 2022, meaning a downturn is increasingly unlikely.VIX’s lower lows support this view. Currencies are still in stock boosting mode… …and the 10Y appears to be breaking down… …ensuring that the 2s10s won’t break down just yet, but suggesting that a de-inversion lies ahead.

In the meantime, oil and gas are getting that expected bounce with CL backtesting its SMA200 and RB its SMA20.