How would you like to be on the FOMC, saddled with the messaging job from hell? You want to boost consumer confidence and business activity, but not so much that the markets get a whiff of inflation and interest rates shoot higher as debt spirals out of control.

You want a strong dollar to stave off inflation, but can’t convince the currency markets that the US, with its failed pandemic response, is deserving. You want to avoid another equity meltdown, but pretty much everyone now recognizes that the markets have lost all connection with reality as speculators bid up already overpriced securities.

No thanks.  If there’s an easy way out for the Fed, I can’t see it.  So, it’s one day at a time, one stick save at a time, hoping that a vaccine will come along and restore at least the semblance of integrity.

For what it’s worth, futures are back below their 10-day moving average this morning. continued for members…

The setup for ES and SPX has changed very little from yesterday.  ES still has a choice between breaking above its .886 and completing a H&S targeting 3098.

VIX is still playing cat and mouse, setting up another TL to break down if need be.

And, most of the action is still in the currency markets, where USDJPY’s failure to stop at the red .618 suggests the .786 is looking better and better.This will put more pressure on DXY which might otherwise be near a bottom due to EURUSD’s likely reversal at 1.1820-1.1900. Between USDJPY and EURUSD, DXY still has a good shot at the .786 at 91.358.But, GC’s dithering at its former highs injects no small measure of uncertainty. It’s running buddy, SI, got a pretty good pullback off the purple .382 and white channel midline.CL’s and RB’s threatened breakdowns yesterday never played out. CL bounced back above its red TL, SMA10 and SMA20… …as did RB. The difference is that RB’s SMA10 passed beneath its SMA20 – a bearish cross.UPDATE:  10:15 AM

Consumer confidence missed (92.6 vs 94.5)……but — surprise, surprise — VIX broke down… …and ES is suddenly back up above its SMA10.  Gotta love this “market.”