A subscriber reminds me that tomorrow is SOMA day at the Fed, further complicating things. Ref. this post from mid-month: SOMA That End of Month Bearishness?.
At least that is what the Nasdaq 100 and its smack of the daily SMA 50 along its uptrend is saying. Notice I wrote “day traders”, because the summer risk theme accounts for the possibility that SPX holds support and rises to its gap before risk – if applicable – is realized.
Meanwhile, NDX at the SMA 50 does not look like a good bear bet right now. Take out the June low and then it would be a different story. I am actually tempted to give this a try long.
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