### Financial Market Analysis: October Selling and Market Trends
#### Low Volume Trading Raises Questions
– Only 830,000 contracts traded yesterday, compared to 808k on July 3.
– October typically marks fiscal year-end for many mutual funds.
– This year, volume continues to decline, raising concerns about expected October selling.
#### S&P 500 Futures Break Upper Boundary
– S&P 500 futures pushed through the upper boundary of the rising wedge pattern.
– While not unexpected, similar to July before a market downturn, pattern validity remains uncertain.
– Watch closely for signs of a potential reversal.
#### NASDAQ Futures Hit Resistance
– NASDAQ futures hit upper trend line of wedge pattern but failed to break through.
– Stopped at the trend line, indicating potential resistance at that level.
#### Market Performance Tied to Nvidia
– Equity market performance mirrors Nvidia’s closing high yesterday.
– Nvidia needs to surpass prior intraday high from mid-July.
– Option volume significantly down, suggesting stock may be less appealing at current price levels.
#### Market Activity and Expectations
– Stock price stalled at $139.60, a previous resistance level in July.
– Earnings reports and options expiration expected this week.
– Bond markets open, anticipate increased trading volumes in the upcoming busy week.
### Analysis:
– The article discusses the low trading volume in the market, particularly in comparison to previous sessions.
– It highlights the potential impact of October selling, considering the fiscal year-end for many mutual funds.
– The break in the S&P 500 futures upper boundary and NASDAQ futures resistance indicate potential market trends.
– Nvidia’s performance serves as a benchmark for the equity market, with options volume suggesting changing investor sentiment.
– The upcoming week is expected to be busy with earnings reports, options expirations, and bond market activity likely to impact trading volumes.