US equities open fractionally lower, and again, it should be clear, equity bears are still powerless ahead of the FOMC. Metals are notably weak, Gold -$5, with Silver -0.2%. Oil is +2.6% in the $37s, ahead of the EIA report.. due at 10.30am.
*re: VIX. We're already seeing the 15s... its hard to say what is going on in that right now... a capitulation low four hours ahead of the Fed press release would be a little unusual.
TVIX -1.3% @ $6.10.. Hmm....
Well, as is almost always the case, the morning before the afternoon announcement is generally minor churn.. and that is what we're already seeing.
The hourly MACD cycle is offering another push higher.... but cyclically, there will be very high threat of a key reversal.. whether late today... or tomorrow.
Big bear flag from the Feb' low? Despite the broader market rally, DB never got close the 200dma... and is clearly the biggest system threat to the EU. Cyclically, it is indeed already well in the process of rolling back lower.
stay tuned... long day ahead