Futures are marginally higher ahead of 2023’s first options expiration.

Note that the 2022 Review and 2023 Forecasts are both completed.

continued for members…The bigger picture:

A small breakout, quickly corrected per the usual OPEX nonsense. Remember to keep an eye on DJIA today. The SMA200 is at 32336, about 2.1% below yesterday’s close – about 3818 on SPX.

The USDJPY is supporting stocks this morning… …while the EURUSD is not. This leaves DXY slightly higher – a slight negative for stocks.CL and RB are split despite inventories surprising to the upside.

Last, we’re still waiting for TNX to finish its SMA200 backtest (and declare its intentions.)

UPDATE:  3:30 PM

DJIA has definitely closed its gap from yesterday…If the cycle pattern holds, today’s OPEX rally will turn into a rout early next week.

GLTA