With the holiday calendar leaving 1 session before the weekend, most of the activity is expected later in the month.

Fronts are pricing a drop in fwd vol and momentum's hardly priced to re-emerge in the near term. There’s plenty of potential catalysts this month, however, including Fed chair announcement, Supreme court tariff ruling, MSCI’s Crypto stock index decision, FOMC meeting, government funding deadlines and Senate action on the CLARITY Act.

We look to these to re-ignite momentum as traders return from the holiday period with fresh books