June 12th, 2025 Option Outlook

A neutral CPI report turned into rejection as the market closed down modestly.

Yesterday I was saying that on a swing timeframe, we might be approaching a top. I didn't think we would have that rejection yesterday. The outlook is still that we are forming a top which we could have seen yesterday… but that is not a guarantee. There is some support for next week still until Wednesday, but at this point I would be very cautious about any swing timeframe bullish play.