continues to surge, further contributing to inflationary pressure that weighs heavily on the equity markets. The expiration of the JPM collar on September 29th is a significant options event that could impact the market. The highest open interest levels are 4,665, 4,210, and 3,550. While the 3,550 level may not be as influential, the 4,665 and 4,210 levels could attract attention, especially if the market drifts in one of the directions.This week will also be the FOMC meeting, BOJ, and BOE.
The problem is if 4,430 breaks, a larger diamond reversal pattern will break, which could set up a return to 4,200 or lower, a level I have been looking to return to since June.has a similar diamond pattern but also has a bear flag and head and shoulders pattern still forming. The level to watch for the NASDAQ is at 15,150 because if that level breaks, the bear flag will break, and the diamond pattern will break, setting up a test of the neckline in the head and shoulders pattern at 14,670.