FOMC's Follies

Futures are up nearly 100 points following the FOMC’s 50 bps cut yesterday. With many factors at or near important support/resistance, it’s VIX’s breakdown that deserves special attention. Not only has the TL been broken, but the SMA10 is about to dip back below the SMA20.Naturally, this propelled ES to new all-time highs and that much closer to our next upside target – which will likely be reached before the November CPI report which should recast yesterday’s decision as a mistake.