FOMC IS THE MAIN EVENT AND IT IS WARSH IN THE CHAIR. WE BREAK DOWN THE DECISION, THE STATEMENT LANGUAGE, AND WHAT WARSH ACTUALLY SIGNALED VERSUS WHAT THE TAPE WANTED TO HEAR. IS THE MARKET GETTING THE REGIME CHANGE IT PRICED IN OR IS IT STILL WAITING.

THEN WE GO WHERE THE MONEY IS MOVING. MOMENTUM NAMES ARE LEADING THE MOVE DOWN. THE SAME LEADERSHIP THAT CARRIED THE TAPE HIGHER IS NOW OUT FRONT ON THE WAY OUT. WHO IS BREAKING, WHO IS HOLDING, AND WHETHER THIS IS ROTATION OR SOMETHING DEEPER.

PLUS THE BIG PICTURE. RATES, POSITIONING, AND THE TECHNICAL LEVELS THAT MATTER ON NQ AND ES HEADING INTO THE NEXT SESSION. IMO THE SETUP IS MORE FRAGILE THAN THE HEADLINES SUGGEST.

PULL UP A CHAIR. THIS IS BID/ASK.