Last week the SP500 eclipsed the Weekly Option Implied Move by over 2.4x. Closing outside of this week's expected 58 point move is unlikely as that would be four weeks in a row with the Market inefficiently pricing risk. The Upper Bound is 2990.51 and the Lower Bound is 2873.59.
Coming into tomorrow and Tuesday, it's highly likely we bounce to test the Magnet. Whether Sellers fade that bounce from higher levels will set the Bias.
Overall Trends are Down across the board and Bonds and Financials remain in focus.
It's a relatively quiet week for Economic Releases and Fedspeak, but we are still in Earnings Season and the Conference calendar is moderately active once again. Markets will look for catalysts given the recent correction and movement in yields.
Have a great week.
All the best,