Americans celebrate Independence Day on July 4th to commemorate the adoption of the Declaration of Independence on July 4, 1776. This historic document was a formal statement by the American colonies announcing their separation from Great Britain and their intention to establish a new nation, the United States of America.

In the U.S. Sector Trend Following Matrix we highlight the percentage of stocks above their 5, 20, 50, 100, 150, and 200 day moving averages of the S&P 500 index and a breakdown of each of its sectors.

Elite Eight stocks (META, AMZN, NFLX, MSFT, AAPL, GOOGL, NVDA, TSLA) now make up 28.4% of the S&P 500 market cap

While the options market expects lower volatility over the next 30 days, active risk managers and tactical investment managers pursuing risk-adjusted asymmetric investment returns may be inclined to hedge off exposure while protection is a better deal.

RSI can be informative in sideways, non-trending market states; it changes to a breakout momentum indicator in trending markets.

Only time will tell if the Call Wall, expirations, and long-vol positioning today has more impact or if there's enough momentum to drive it higher, but we'll be watching to see how it all unfolds.