Powell’s testimony to the House today should be informative, but it usually isn’t. By now he’s learned that it just doesn’t pay to be honest and forthright about what’s happening in the economy (e.g. “inflation isn’t a problem.”) Wouldn’t it be nice if someone called him on it, asking him how exactly spiraling inflation is supposed to help all the little people he claims to be so concerned about?

Nevertheless, the algos are prepped for a stick save should one be needed in the wake of reckless truthiness, with VIX predictably back below its SMA10 and positioned for a breakdown.

continued for members…

The big picture from ES’ vantage point looks like a breakout of the rising yellow channel…

…but less so for SPX.

The algos are getting plenty of help from CL/RB, still holding level… …and DXY, giving up some of yesterday’s gains.

GC has finally reached the SMA200, so it’s at risk of a pullback here. I’d revert to short but with very tight stops in case it pushes through the SMA200 at 1830.SI remains sandwhiched in between its SMA100 and SMA200. The play here is to buy on a breakout but short on a breakdown.

continuing…