π The S&P dipped into the 7,250 range, held it twice, and snapped back both times on real volume π₯. Thatβs not a dead-cat bounce β thatβs a support level doing its job π‘οΈ.
But the recovery stalled.
The Qs are sitting right at resistance, and until the new Fed chair tips his hand on rates Wednesday, this market isnβt going anywhere fast β³.
Expect rangebound action, 7,300 to 7,500, with IWM as the quiet outlier β making higher highs and higher lows while the big indexes chop.
Small caps caught a rotation bid and barely flinched on the vol spike π.
Thatβs a tell.
Volatility spiked early and faded by Friday πβ‘οΈπ. VIX back near 17, NASDAQ vol back near 26. The fear trade unwound almost as fast as it showed up β‘.
Summerβs here β volume dries up, vol dries up, rangebound becomes the default βοΈ.
Theta-positive, delta-neutral trades were built for exactly this π§ π°.