Oil is at present the sole BEGOS Market outside (above) its Neutral Zone for today; session volatility “ahead of the Fed” is very light. At Market Values, Oil is just a point or so below its smooth valuation line, the upside penetration of which by rule is a Long signal; and at Market Trends, whilst Oil’s linreg is negative, the “Baby Blues” of trend consistency are now into their third day of ascent; on a 10-test pure swing basis, Oil’s best Market Rhythm is the 1hr Price Oscillator; and for within swing profit-taking ’tis the 6hr MACD (as graphically detail on our Oil page). Late in the session we’ve both the FOMC’s Policy Statement, Powell presser and Treasury Budget for May, prior to which comes that month’s CPI.