The SP500 gapped to the upper edge of its implied expected move, cementing a change in Intermediate Trend.
The SP500 Weekly Option Implied Move is 37% lower than last week at + / - 38 points, and an Upper and Lower Edge of 3016.59 and 2940.83, respectively.
Similar to last week, the bias is up, and we expect the Magnet to be challenged and tested early in the week.
The Economic Calendar is normal and the Fed is in their quiet period in anticipation of the forthcoming FOMC Meeting.
With Implied Correlation less stressed, we turn our focus towards individual securities, conferences and other dispersion screens for drivers.
Have a great week.
All the best,