More Volatility as Rate Talk, Opex Enter the Picture

/ES, SPY, SPX & 1 individual stock trade

Technical Edge — 

• NYSE Breadth: 20% Upside Volume

• Advance/Decline: 22.5% Advance

• VIX: ~$26.75

Just a bit of personal advice: Take time to unwind. Specifically this weekend, but in general as often as reasonably possible. 

The last 7 days alone featured a bank failure late last week, then another over the weekend. It had the all-important CPI reading on Tuesday, the PPI and retail sales on Wednesday, worries over European banks and now Opex on Friday. 

With the extra volatility, we need to remember to enjoy some extra R&R, because mental capital can burn up too — then comes the account capital. 

S&P 500 — ES 

The ranges are back and I’ll just say this: The NQ and more specifically, FAANG + NVDA, TSLA and MSFT are flexing some muscles and holding a lot of this up. 

Overnight, the ES traded back up to our key 3947 to 3960 and is being rejected. No surprise there. That’s the 10-day and 200-day moving averages and the February low. 

This zone must be reclaimed for the bulls to make a strong case for 4000. 

• Upside levels: 3947 to 3960, 3990. 

• Downside levels: 3900 to 3910, 3880, 3860. 

SPY