Morning Market Notes 01-14-25
Market Calendar
$SPX & $QQQ
$QQQ & $SPX 01-14 levels
The PPI print came slightly below expectations, triggering a beautiful 40+ point green candle on $ES_F. The implied move for the day sits above 1%, which aligns with the options landscape and flows.
In our notes yesterday, I mentioned that upside was likely above 5800 $SPX. This proved true, as $SPX is now implied to open above 5850.
Per 0DTHERO, the call wall on $SPX moved down yesterday, which isn’t a bullish signal. This means that a rally here, unless supported by continued favorable CPI data tomorrow, is most likely a dead cat bounce.
We’ll watch for a potential trend pattern with UME today, as this could turn into one of those CPI-eve sessions packed with fuel for trends or violent price swings. Both scenarios are excellent for options and futures trading.
Let’s have a sesh.
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