Market Analysis

From the School of Redundancy School, the action was muted again today as players wait on Powell tomorrow. Recent action has been dominated by options relating to the EDZ9 expiration.
U.S benchmarks are lingering at the highest level in a week, a crucial area of technical resistance. Looking at 2950 level to the upside in S&P 500.
The Fed minutes show the Fed is all mixed up. Some Fed members wanted a 50-basis point rate cut. Other fed members wanted no cut at all, and still, other Fed members were in the middle. That lack of clear conviction is one reason oil can’t find a real direction.
December corn futures had one of their most constructive sessions this month, the next two sessions should give us an idea of where we stand in the “bottoming process”.
Crypto is selling off today with BTC trading around the psychologically important USD 10,000 level. In spite of the velocity of the move, volumes have remained below recent averages.
Today’s trading volume is light with better volumes than the beginning of the week. Futures lower all day, slightly higher after FOMC minutes. Main trades all involved October (EDV9) and December (EDZ9) expirations.
 U.S benchmarks are bouncing back from yesterday’s dull session. Price action achieved a strong wave of technical resistance Monday on the heels of three straight days of sharp gains.
Pro Farmer Crop Tour plans to release their final findings on Friday. Corn futures testing our support pocket from 363 ¾-369.
Crude oil demand seems to be exceeding supply, suggesting that the global economy might not be as slow as feared or that global production is falling faster than global demand.
Crypto is on balance lower today. Volumes are once again quiet with activity on most major trading venues about 65% of a declining 30-day average. Bitcoin successfully defended the psychologically important USD 10,000 level last week.