Morning Market Notes 06-11-26

Market Calendar

$SPX & $QQQ

Futures caught a bid overnight. Up 75bps at the highs, then gave most of it back as Iran headlines flipped back on. ES tagged 7240 on the lows before bouncing. Premarket now: QQQ +0.82%, SPY +0.42%, VIX down 3% to 21.5. Vol is cooling, but nobody's selling it hard with this kind of headline risk — and that's exactly why every rally keeps stalling.

7300 is the line in the sand on SPX. Above it the tape stays pinned but unstable until bulls reclaim 7390-7400, with the Call Wall up at 7500 if they get it going. PPI and jobless claims hit at 8:30, the year's biggest IPO prices tomorrow, and FOMC plus VIX expiration land next Wednesday. Implied move today is 1.34%.

Let's have a sesh.

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