Powell’s prepared remarks, released in advance of his testimony before the House Financial Services Committee, confirmed the FOMC is likely to deliver a 25 bps rate cut at the end of the month.  This is what almost everybody demanded expected, so the algos have found their happy place.

S&P futures, which lagged all night, are currently showing a 24 pop off the overnight lows — nearly enough to send the cash index to new all-time highs.continued for members…

Futures were spurred higher by VIX’s sharp reversal…

…and CL’s pop through its SMA200 — where it has still not broken out.API’s larger than expected draw in WTI was responsible for most of it.

RB is clearly broken out of its falling purple channel and is nearing the red midline again.The SPX cash chart which, if ES can top its .786, should reach new highs. The dollar weakened on the news, with EURUSD backtesting its broken white channel… …and DXY backtesting the white channel it recently rejoined. FWIW, USDJPY has officially reversed at the yellow TL that has held it back since May 31.The 10Y reversed some of its move of the past few days. While, the 2s10s got a bounce where needed.AAPL hasn’t yet reacted as though it’s going any higher.

And, DB got a bounce at the TL we looked at yesterday.