The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen.
8:15 am
Good Morning!
SPX futures traded overnight in a narrow range, approaching the open near the flat line. Yesterday’s attempt to break out prior to the FOMC release failed. The steep diagonal trendline lies near 6200.00. Beneath it a sell signal awaits. Ending Diagonals often retrace themselves, once complete.
Today’s options chain shows Max Pain at 6260.00. Long gamma may arise above 6275.00 while short gamma resides beneath 6210.00.
ZeroHedge reports, “US equity futures are flat, reversing an earlier loss but lagging the Asia-Pac and EMEA sessions, following the latest batch of tariff letters with the most impactful being a 50% tariff on Brazil. As of 8:15am ET, S&P and Nasdaq futures are flat after closing just shy of an all-time high on Wednesday. Pre-market, Mag7 names are mixed with NVDA leading the Semis bid post positive TSM revenue update. Treasuries resumed their decline after Wednesday’s rebound, with the 10-year yield rising two basis points to 4.35%. The dollar was steady. Cmdtys are rebounding with bids across all 3 complexes with gold, steel, and natgas the standout performers. Today’s macro data focus is on initial jobless claims and continuing claims.”
VIX futures also remain in a narrow range, with a slight uplift as the market nears its open. Yesterday’s downdraft may have marked the end of seasonality favoring stocks.
Next Wednesday’s options chain shows Max Pain at 20.00, suggesting a reversion to the mean may be in order. Short gamma lies between 15.00 and 19.00, while long gamma lies above 21.00 and stretches to 50.00.