Futures are off about 0.5% in advance of the latest FOMC minutes. While these releases don’t often shed much light on what to expect, they can help us understand what the Fed fears the most. Based on recent comments, the fear of sticky inflation seems to be outweighing the fear of a recession.With the debt ceiling crisis, banking crisis and recession still grabbing headlines, it’s clear that the Fed is still stuck between a rock and a hard place.

continued for members…Most price targets remain in place.

VIX/VX has finally started to break out… …with the SMA10 potentially crossing the SMA20 today.EURUSD is edging lower toward our SMA200 target, while USDJPY is going sideways after topping its. This leaves the DXY very slightly higher. Oil and gas have both pushed past their SMA50s, with EIA inventories and the OPEC+ production “adjustment” both in the wings. XLE is inching higher, away from the brink of disaster. If the market doesn’t collapse in the coming week or so, it now has a decent chance of backtesting the SMA200 – currently at 84.05.Thea 2Y and 10Y are essentially unchanged.