We begin the new week with mixed signals.
The short-term Bias is Up and the Weekly Trend is Down.
Volatility has not abated and is currently in backwardation with risk greater in the short-term than long-term. The Weekly SP500 Option Implied Move is similar to last week at + / - 58 points or 17.71% implied volatility, with expected ranges of 2977.17 and 2860.13.
Whereas, key sectors like Financials (XLF) have an implied volatility of 27.12%. Financials will continue to trade in sympathy with yields.
Implied Correlation keeps us focused on Macro Factors with a relatively light Economic Calendar as Earnings Season is winding down.
Have a great week.
All the best,