US equities opened in chop mode, leaning on the weaker side. The SPX saw a morning low of 3221, and then upward into the afternoon to 3243.
It was day'1 of the FOMC. Clearly, no policy change can be expected. However, its probable the CEO of Print Central - Powell, will reiterate his support for further fiscal stimulus.
No doubt the Fed is ready, willing, and able to buy another $1trn or more of US t-bonds. I have to wonder what the Fed version of the WOPR is projecting for the US election, and into 2021?
The late afternoon saw a moderate cooling wave. Volatility picked up into the close, the VIX settling +2.8% to 25.44. Wednesday afternoon should offer some drama, and who doesn't like that?
|A fine end to the day|
|Next full moon is August 3rd|
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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