SPY $739.09, QQQ $682.12, IWM $292.91 with VIX 18.96 (term ratio 0.923, backwardated). Nasdaq -1.16% midday as semis slide before FOMC Day 2 and mega-cap tech earnings.

As of Tuesday, July 28, 2026, the S&P 500 closed at 7,428.78 — up +0.21% on pre-FOMC rotation…

SPX $7,443.28 in a TRANSITION regime — trend lost, breadth narrowed to 50%, tech −8.1% over 20 sessions — the desk's candidate is an SPX Aug 21 AM-settled 7095/7890 long strangle ($4,285 debit, ~32% POP), a vol-expansion play.

As of Tuesday, July 21, 2026, the S&P 500 closed at 7,509.20 — up +0.89% on a pre-earnings rally…

SPX $7,457.69, VIX 18.77, FOMC nine days out — the desk's candidate is an SPX Aug 21 AM-settled 7135/7125 bull put spread (~$130 credit, ~$870 max loss, ~80% POP) on the defensive bid.

As of Monday, July 20, 2026, the S&P 500 closed at 7,443.28 — down -0.19% on a gap-fill fade…