The stock market had a wild ride yesterday. It traded sharply higher in the morning, gave it all back, and ripped into the close.
Heading into the day's end, traders likely started to sell their puts to take their gains. It is easy to see the spike in the volume after 15:00., with 5235 calls for March 27 expiration. The value of the calls ran up from near zero to around $13 in the 30 minutes of trading. But to this point, that just happened yet. The 10-year may be just consolidating or waiting for another piece of data; perhaps that data comes Friday with the, rising to around 0.90. This is an interesting FX pair because of its historical relationship with the S&P 500 over the longer term.
As a final note, today will be the last trading day of the week, and things may be quirky. The JPMorgan collar will likely cause some disruptions, but we also know that Jay Powell will speak on Friday, and the PCE report will come on Friday morning.