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Morning review Risk-off

Seven instruments checked, none cleared: stretched from MA20 or targets unreachable

A pre-FOMC Monday: no US releases today, but Wednesday's Fed decision dominates the week and markets price a hike as more likely than not. Overnight was risk-off - Nasdaq futures -1.2%, S&P futures -0.5%, Nikkei -1%, Kospi -2.5% - with AI-IPO jitters, chip weakness and Saudi Arabia's shut East-West pipeline keeping oil bid.

All seven instruments were measured at 06:35 UTC. None cleared. Gold at 4369.80 sits 2.21% below its MA20 of 4468.32, past our 1.5% late-entry limit, and its 0.8xATR14 of 1.23% exceeds the 1.20% stop cap: the method forbids an idea outright. USD/JPY at 154.24 is 2.30% below its MA20, same rejection. Germany 40 cannot be published at this slot because the cash index is not yet quoted and we cannot verify a price.

EUR/USD and GBP/USD sit correctly below their MA20, but their ATR14 is so compressed that a 1:2 target lies about three average daily ranges away: unreachable intraday, while a multi-day horizon would run into the Fed. US 500 fails from the other side, a stop behind Friday's 7677 high implying a 128-point target, 2.3 times ATR.

Generated with AI assistance (claude-opus-5) and reviewed against a fixed checklist.

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