Despite VIX Collapse, S&P 500 Rally Stalls But USDJPY Tumble Catches Ahead of NFPs

There was no small measure of fundamental whiplash this past session. Despite the Fed’s favorite inflation indicator cooling on the back the market’s positive take on Powell’s remarks, the S&P 500’s breakout stalled. Nevertheless, the VIX dropped below 20 and the Dollar has finally broken its 200-day SMA. What will NFPs bring?