Sure, the Fed is tightening…but that doesn’t mean all market propping activities have ceased. Far from it. At 12:50 yesterday, as ES’ little white channel was breaking down, certain someones hammered VIX.  The algos promptly forgot all about bearish Fed minutes and Fed speakers and stagflation. The little white channel was saved and ES was back above its 200-DMA.

This morning, that pesky news cycle has reasserted itself. With SPX’s gap closed, the battle begins again.

continued for members…Stocks are off modestly as we approach the open. A test of the SMA200 is obviously this morning’s key. Nothing new on the currency front. USDJPY is still angling higher… …as EURUSD slumps lower.This makes DXY almost certain to reach our 100.042 target today. GC and SI are still stuck… …while BTC resumes its tumble.CL and RB are both off very slightly. As TNX still threatens a breakout.