Something's Gotta Give

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Our View

The average 3 day range is only 12.25 points, the 5 day range is 18 points, the 7 day is 21.14 points, and the 10 day average range is 22 points. 

What does this mean? I think it means the ranges are compressing. What does that mean? I think it means that the index markets are getting ready for the next leg up. 

There are a ton of buy-stops in the ES that basically go straight up to 5380. It's 10:05 pm as I’m writing this and the ES is butting up against the 5349.25 level right now. Someone asked me if today's Fed minutes will have any impact and the only thing I can say is, there really isn't anything the Fed can say that we do not already know. 

On the flip side — and something few are talking about is — the VIX closed at 11.85, down .29 or -2.39%, its lowest level since 2019. Either way, something has to give. And don’t forget, Nvidia reports today after the bell.