SOFR OPTIONS: Morning Update

• RES 4: 7900.00 Round number resistance
• RES 3: 7892.00 1.500 proj of the Jun 11 - 15 - 26 price swing
• RES 2: 7849.93 1.382 proj of the Jun 11 - 15 - 26 price swing
• RES 1: 7770.50/7838.50 High Aug 18 / 13 and the bull trigger
• PRICE: 7681.00 @ 14:27 BST Aug 26
• SUP 1: 7655.00 Low Aug 24 
• SUP 2: 7632.00 High Jul 16   
• SUP 3: 7595.28 50-day EMA 
• SUP 4: 7520.54 61.8% retracement of the Jul 29 - Aug 13 bull leg    

S&P E-Minis are in consolidation mode. A bull cycle remains intact and the latest pullback is considered corrective. Price has breached the 20-day EMA, at 7683.77. This signals scope for a deeper near-term retracement towards the 50-day EMA at 7599.04. A clear break of the 50-day average is required to signal a stronger short-term bear threat. For bulls, a resumption of the uptrend would open 7849.93, a Fibonacci projection.

Flattener Block posted at 0923:47ET:

• -8,884 FVZ6 106-08, sell through 106-08.5 post time bid, DV01 $369,200 vs.
• +2,324 WNZ6 111-08, buy through 111-06 post time offer. DV01 $390,800

SPX: 7,670.2 (-0.1%); DJIA: 53,602 (+0.0%/+25pts); NDX: 29,118.6 (-0.3%)