EB Daily Market Report - Friday, June 21, 2024

Dear Members.

First, Tom Bowley and I invite you to join us for our first "Happy Hour" at 4:15 pm est. It's a casual event that we hope everyone will enjoy! Here is a link to the room:

https://earningsbeats.zoom.us/j/89124088937

Today is Quad Witching day where monthly options are squared. This generally results in greater volatility, especially as we get closer to the end of the trading day.

As we pointed out during our options Max Pain webinar on Tuesday, the large imbalance of calls to puts favored the bears this week. We've seen that play out, especially on the large market cap stocks like NVDA and other semiconductor stocks which flat out got overbought.

The good news for the bulls is that both the S&P and NASDAQ remain well above all key technical levels. The first level to watch on the S&P on any further selling is the 20 day, currently at 5377. That's another 75-80 points lower so it would take some decent selling to get there. To the upside, the bulls would love nothing more than to clear the recent high, currently at 5505.

I imagine the last few hours today could be interesting. The bulls remain in charge unless we see the selling pick up bit time.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins