Triple witching on FridayTriple witching, also known as quadruple witching, is a financial market event that occurs on the third Friday of March, June, September, and December each year. In 2024, the dates are: March 15, June 21, September 20, and December 20. The simultaneous expiration of stock-index futures, options on stock-index futures, single-stock options and index options can generate significant volatility and volume. However, the E-Mini S&P 500 (ES1!), E-Mini Nasdaq-100 (NQ1!), Dow Jones Industrial Average (YM1!) and Russell 2000 (RTY1!) futures contract switch was last week.
Here's a 1 week chart of SPY and QQQ. This support and resistance trend channel is based on the trajectory so far since the October 2022 low till last weeks high. *if this trend trajectory continues until the end of the year, then SPY range is 550- 590 and QQQ range is 500 - 550 by 1/1/25. However, the red resistance line is a short area and green support line is a long area along the way. *if the trend changes you will know based upon this trend channel.
Don't forget the Markets are closed on Wednesday for the Juneteenth national holiday.
