Daily Brief · August 19
SPY slips 0.67% overnight ahead of FOMC Minutes at 14:00; VIX holds near 15.81 as traders await Fed tone.
Overnight Tone
SPY futures entered Wednesday's session under mild pressure following Tuesday's close at 772.67, with the instrument last printing 767.45, a decline of 5.22 points or approximately 0.67%. VIX edged fractionally lower to 15.81 from 15.84, suggesting the options market is not pricing an acute fear event, though the FOMC Minutes release at 14:00 ET keeps participants cautious ahead of the open.
Pre-Market Levels
SPY is indicated at 767.45, down 0.67% from the prior close of 772.67, a move meaningful enough to shift short-dated gamma exposure for near-the-money strikes. VIX at 15.81 remains in a subdued regime historically associated with contained realized volatility, though any hawkish language in the FOMC Minutes could reprice near-term implied volatility quickly.
Calendar Watch
FOMC Meeting Minutes (14:00 ET, High impact); President Trump Speaks (14:30 ET, Medium impact).
Read for the Open
With no high-impact domestic data before the open, the first 30 minutes will likely be shaped by overnight positioning and any residual reaction to UK CPI and ECB President Lagarde's morning appearances in Europe. Watch whether SPY stabilizes near 767 or extends the overnight gap, as that will define the intraday range context heading into the 14:00 FOMC Minutes release.
Educational content only. Trade your plan.
Members read it at 7:00 am ET on August 19, 2026 - before the session it describes. Three written briefs every market day, plus stock and options alerts with entry, stop and targets stated up front.
See membership options