Eight PM ET – Pakistan brokered a two-week ceasefire – Hormuz conditionally reopening – carpet bombing threat was another idle TACO – markets loved it instantly
S&P futures +2.5%, Nasdaq +3.3%, Dow +1,000 points, VIX -20% to 20.63 – war premium unwinding – oil -16% to WTI $94
The bullish bias from last week has come to fruition – VIX through 22 – may well have seen the market bottom – short term is bullish
SPX broke out of the tight range yesterday – should be popping 150 points or so higher assuming the overnight holds – RUT flat awaiting fresh setup
Operation Battery Recharge complete – back at the desk – deep OTM SPX butterflies looking spectacular at the open – woot woot
Trump’s deadline is tonight at 8pm ET – reopen Hormuz or face strikes – Iran said permanent end or nothing – deadline five, same pattern as four previous
Monday was flat as a pancake – bullish engulfing on the futures daily but the cash session was an exceptionally narrow range – action mostly premarket
Very little has changed from Monday’s view – range behaving like a range – expect a bull move on the breakout – 6,600 now looking like support, 6,690 overhead resistance
Full data gauntlet this week – FOMC minutes Wednesday, PCE Thursday, March CPI Friday – first CPI to capture Iran’s energy surge – JPM projects headline jumps to 3.4%
Day four of Operation Battery Recharge – zoo spotting today – giant otters had twin pups – this is a priority
Trump’s April 6 deadline expired – Iran’s response was full compensation first then maybe – Trump’s counter is Tuesday 8pm ET with threats on power plants and bridges – Brent at $109
NFP dropped +178K on Good Friday into closed markets – first reaction today – strong jobs, cooling wages, Fed stays frozen – Core PCE still 3%
Overnight futures opened 20 points down, now 40 up, still grinding sideways – ranges within ranges within ranges – eye roll, tut
BB pinch on both SPX and RUT says price is resting – 84% continuation signal from 30-year data study completed last week – wait for the setup
UK bank holiday today – extending the long weekend into Tuesday – the market can wait
What an absolutely shit show – peace suggestions Tuesday, carpet bomb threats Wednesday night, April Fools TACO fully reversed
Trump confirmed Iran’s core objectives nearing completion then immediately threatened to hit Iran extremely hard by April 6 – Hormuz or face strikes on power plants and desalination – paraphrasing but that seems to be what happened
Oil heard the speech first – WTI +6.22% to $106.35 – US gas breaks $4 nationwide for the first time since 2022 – Gold -3.13% rotating into crude not safety
Index swings remain spectator sport – two bear swings went underwater during the relief rally, not worth closing, now reclaimed profitable on the overnight futures move – blood pressure making new highs
Good Friday tomorrow – NFP releases while markets are closed – Monday opens in the dark – thinking of taking it easy today and using the long weekend to power down
Trump speaks tonight at 9pm ET – peace suggestions, not talks, bunny fingers – the market has front-run a ceasefire that doesn’t exist yet
Index action confusing – looks like lower highs on surprise news – standing aside from index swings while the dust settles, same as last Monday
Crude oil is the clear read – break back inside the prior range, break-in pullback pattern developing, anticipating a trip from range highs to range lows
Gold looking easy – V-entry confirmed on the daily, break up and out on the hourly, trending nicely – target 1 at $4,900, target 2 at $5,000
No trades yesterday – reading MACD-v as bullish extreme on both instruments, expected morning grind then afternoon breakout – missed the bull break, can’t win them all
WSJ dropped a de-escalation report overnight — Trump willing to end the Iran campaign — futures loved it instantly — buy the rumour, sell the news is playing out almost daily with Trump’s pumps and dumps
Quarter from hell closes today — S&P -7% Q1, worst since 2022, 14th worst start in history — fewer than 20% of S&P 500 names above their 50-day MA
Price action today looks similar to yesterday — gap higher, trade lower — negative gamma still dominates — VIX still elevated, sell-off still being priced in
SPX bearish at MACD-v extremes but ES futures showing the extreme has reset — range developing, not a crash setup — all indexes pushing to new lows outside the Sept/Oct range
Premium Poppers absolutely smashed it yesterday — 5 from 5 — 1st BO, Lazy, VWAP flop, VWAP retest on SPX, two clean RUT trades