NDX: Wednesday 15 July 2020

· Quick note on the NDX to discuss the implications of the bullish scenario mentioned in previous reports on the SPX;

· Used ~10,310 as a pivot during recent weakness to initiate longs using Nov and Dec upside;

· Said bullish scenario is imminent and targets 11,300 in the ST as long as the market holds above 10,310;

· I favour the upside calls in NDX in the 120% area with a vol ~25%. The idea is to play a strike-vol reset should the tech names continue with their parabolic rise.

· Failing that, I would expect SPX to make its way towards the Accumulation Zones.