We are Neutral for Today, VX during Roll should continue to come under pressure.
Should the VX break 16.90 we could see a quick flush down to ~16.50s.
Ahead of Jackson Hole, there will be an effort to continue the Trend - which
remains Bullish for now. We anticipate a blow off ahead of VX roll.
The FED has a high probability of announcing tightening in varying forms - even
as the Commodities Complex is coming under duress - Lumber was off 7% yesterday.
Gamma for AAPL will play an important role for the large number of Calls purchased
when AAPL was trading 141s.
Bonds are pulling back ZN/ZB selloffs will provide a tailwind to Equities as will NQ Bank.
Opening Breadth on Friday's usually provides a solid trend, Friday's are generally NOT a
consolidation.
Bias is to Upside for Index Complex.16.68 and then 16.49. The VX is presently
trading -2.57% with the VX Curve in a well defined Contango.
15045.90 is the upper Limit should 14,976 be broken.
14.672.80 is the lower Limit for Today unless it breaks - 14,540.75 would be
lower Support.
NQ may well trade this entire range over the coming week into VX Settlement.
VXN will provide guidance as Support remains 19.15
Should the VX break 16.90 we could see a quick flush down to ~16.50s.
Ahead of Jackson Hole, there will be an effort to continue the Trend - which
remains Bullish for now. We anticipate a blow off ahead of VX roll.
The FED has a high probability of announcing tightening in varying forms - even
as the Commodities Complex is coming under duress - Lumber was off 7% yesterday.
Gamma for AAPL will play an important role for the large number of Calls purchased
when AAPL was trading 141s.
Bonds are pulling back ZN/ZB selloffs will provide a tailwind to Equities as will NQ Bank.
Opening Breadth on Friday's usually provides a solid trend, Friday's are generally NOT a
consolidation.
Bias is to Upside for Index Complex.16.68 and then 16.49. The VX is presently
trading -2.57% with the VX Curve in a well defined Contango.
15045.90 is the upper Limit should 14,976 be broken.
14.672.80 is the lower Limit for Today unless it breaks - 14,540.75 would be
lower Support.
NQ may well trade this entire range over the coming week into VX Settlement.
VXN will provide guidance as Support remains 19.15