Persistent selling below the VWAP after the CPI and after Fed rate, plus continuation of selling today all pointed to distribution and trend reversal. We had a delayed VIX reversal from yesterday's Fed rate and VIX was up 7.99% today. This is the first time since August 2022 that a VIX reversal has resulted in a short signal that broke below the multi-week up trend line and the strategy is now short at ES futures at 3922.