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Midday review Neutral

Futures dip before the open, all three indices outside the band

At 10:51 UTC the futures were lower against yesterday's cash close: S&P 500 -0.53%, Nasdaq 100 -0.88%, Dow -0.26%. Applying those changes to the cash closes gives estimated levels of 7665 on US 500, 30203 on US Tech 100 and 51376 on US 30. The futures/cash basis was stable over the last three sessions (0.85-0.89% on the S&P), so no contract roll distorts the estimate. None of the three passes the band filter. US 500 sits 0.07 ATR below its 20-day average (7670, ATR14 69.5): that is noise, not a trend. US Tech 100 is still 1.77 ATR above its average and US 30 is 2.21 ATR below it, both beyond the 1.5 ATR limit, so any entry would come too late. VIX at 16.1, up about 6%, below both filters. Note: Yahoo returned an empty daily bar for 22/09 on the cash indices; we rebuilt it from five-minute data before calculating averages and ATR. No new idea. The open ideas on XOM and NVDA remain inside their levels; single stocks will be reviewed this evening with the cash session running.

Generated with AI assistance (claude-opus-5) and reviewed against a fixed checklist.

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