• Futures are lower.
• Our levels and volatility expectations remain in line with yesterday.
• Look for a maximum move of 1.19% (open/close) with resistance at 4400 and  4415 (440 SPY equivalent).
• Support is 4465 (435 SPY). The next support is 4300.
• The market appears to accept these lower prices without much fear (change in the VIX).
• This indicates an increase in call options prices relative to puts, despite call volumes (i.e., demand) not increasing.
• This is due to Dealers beginning to price in the FOMC meeting in early May.
• The other implication is that protection (puts) may be relatively cheap.
• Also, the new SPX options for Tuesdays began trading yesterday. Now we will have options tradable and expiring five days a week.
• Subscriber Charts are up and posted.

Enjoy the day ahead.

A.F. Thornton