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SPX futures rose this morning over its 61.8% Fibonacci retracement at 4401.00 after a 6-day decline and a 3-day rally (thus far). Cyclically and technically the retracement may be over today, but pressures are on for a strong end-of-quarter. After the 4-day holiday coming up, the emphasis may be on the downside.

In today’s op-ex, there is a huge collar put on SPX starting at 4320.00 with a heavy population of calls going to 4400.00. It is likely that SPX may close today in the upper range of this collar.

ZeroHedge reports, “The second quarter – and first half – of 2023 is coming to a close on an upbeat note, as US equity futures are higher, led by megacap tech, and especially Apple, which is set to open with a market cap over $3 trillion following a bizarre initiation report from Citi yesterday late, which set a $240 price target on the world’s biggest company, just in time to catch its all-time high. As of 7:45 am ET, S&P futures were 0.4% higher, set to close out a third straight quarterly gain…

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… while Nasdaq futures rose 0.5%, indicating the index is set to extend its 37% surge since the start of the year, its best start to the year since 1982.”

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