The S&P 500 is currently following yesterday's projected scenario. There is a resistance level above the 1/2 mark at 7700; a breakout above this level makes it highly probable that we will reach the target before the start of the U.S. session.
However, extreme caution is advised today, and it may be prudent to sit out the main U.S. session. Today, September 18, marks a record quarterly triple witching event, where index futures, index options, and individual stock options all expire simultaneously.
Today, 18 September, is the quarterly triple witching: index futures, index options and single-stock options all expire on the same day. Citadel Securities estimates that about 9.6 trillion dollars of US options exposure is expiring by this date, roughly 35% of the entire market. About 6.2 trillion falls on the Friday itself, and that could beat June's record of 7.7 trillion. Bears traditionally expect a crash after expiration, so it is worth looking at the history of the expirations themselves - and at the volumes.
