It’s been a bloody week, with the major indexes dropping lower on Thursday.
It has been a week full of catalysts with SPX roll, rebalancing, the Federal Open Market Committee (FOMC), and triple witching. Be mindful of these events, especially triple witching (which ends on Friday), as this can lead to more chop.
The S&P 500 (/ES) gapped down from the upper zone at $3,807 to $3,855 on Thursday. It dropped broke inside of a key zone to create a new low at $3,642.
The /ES may continue to chop in this lower range from $3,656 to $3,720. If it breaks below this zone, look for it to hit our target at $3,596.
Keep in mind the market is closed on Monday, June 20th. Pay attention to the price action as big money does take this into consideration.
In the video above, we’ll review the key zones of the major indexes for Friday and setups on our focused list, including ROKU, SHOP, and AAPL.
Stay Focused!