Finally, the open gap that was not filled yesterday in ES and SPY are now filled as I type this post at 11 am.

What’s next?

• Scenario 1 – stuck between here and 1090 fir the reset of the day if the intended settlement price by close is 1080 zone
• Scenario 2 – ES stays below S1 at 1079 for several hours and crash further to a new low in 3 pm, putting mid-1060 in play
• Scenario 3 – ES printing new low in 11 am and a strong trend sell day is established with multiple day downside target at low 1050s

It is 10:15 now and everything worked according to the usual OpEx behaviour.

The gap fill we are seeing now in ES will take SPX down to 1070s area.

It is the last few days to option expiration Friday for July.

Yes it is a bit early for a 3rd Friday and it does happen from time to time.

What it means for S&P 500 and its related products?

• At least 5 to 6 swings of 10+ points
• Going back to previous month close level or even 50% of this month’s range
• Forced gap fill of all nearby gaps