Recovering Rates Hinder Larger Stock Market Rally: What to Keep an Eye on Today

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S&P 500 News

Jpmorgan Chase & Co,NVIDIA Corporation,Copper Futures

Market Overview Analysis by Michael Kramer covering: S&P 500, JPMorgan Chase & Co, NVIDIA Corporation, Copper Futures. Read Michael Kramer's latest article on Investing.com

🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.) earnings on Wednesday afternoon. 'Braced' may be an overstatement based on today’s implied volatility levels; the market has all day Wednesday to prepare for NVIDIA’s results.Despite that, JPM shares surged more than 50% off their October lows and nearly came all the way back to that broken trendline.

Right now, Put gamma is built up in the VIX options at the 12 and 13 strike prices, which is one reason we have likely seen the VIX hold on to those levels the past couple of days. It seems that level may hold again today as well, or we may even see the VIX move up. The VVIX was also higher for the third day in a row and is moving back to the 80 level. We can watch the VVIX as a signal that sometimes tells us the direction of theprices , talk by a few Fed officials of a higher neutral rate, and rates in Japan moving higher. The 10-year JGB closed yesterday at its highest level since 2012.Meanwhile, the market is also removing the odds for a November rate cut again, pricing in just 1.06 cuts for November, down from 1.35 on CPI day.

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