The equity markets unprecedented rally has seemed to stall out. There is a battle raging between market bulls & bears with both having equally valid rational. This once a quarter quadruple witching could add fuel to this battles fire today.

Quadruple witching means that 4 financial instruments are expiring simultaneously (stock index futures, stock index options, stock options, single stock futures). Granted, a good portion of the expiring asset classes have already rolled over the next contract. Still, the enormously high volume of option activity on Thursday, June 11th could mean that there are still a sizable number of holders who are yet to exit their positions.

I think the markets have some room for a pullback at these seemingly frothy levels. Look for S&P 500 support at 2,935 on a broader pullback. (SPY Quick QuoteSPY - Free Report) (QQQ Quick QuoteQQQ - Free Report) (DIA Quick QuoteDIA - Free Report)

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