The ramp is in full bloom this morning in advance of the FOMC’s next rate hike.

Yet, futures remain well below the H&S neckline and moving averages are all aligned bearishly.  As we’ve noted all month, the algos are hanging in there for one reason: VIX suppression.  Stay frosty.

continued for members…

Not much of a change in any chart except EURUSD and DXY.

It’s certainly too early to say, but this is the most bearish move we’ve seen in EURUSD since the Sep 13 tumble. This is also the 4th test of the 1.000 lows. It’s enough to send DXY to new highs, finally approaching our 111.489 target.