Something big is happening tonight, but I don’t see many people talking about it. It’s Triple Witching Day for the U.S. stock market. Stock options, index options, and index futures all expire simultaneously—this only happens four times a year, on the third Friday of the last month of each quarter. And tonight’s scale is absolutely massive. $5.7 trillion worth of options are expiring. Citi pulled 30 years of data, and this is the largest March expiration day in history. On the same day, we’re also seeing adjustments to the S&P 500 index components and pension rebalancing. Both passive index funds and active funds will need to adjust their positions. Triple Witching Day usually means three things for the U.S. stock market: 1. Trading volume increases. 2. Intraday volatility spikes, especially near the open and close. 3. No reliable directional signals, but volatility gets amplified. $4.1 trillion in index contracts, $772 billion in ETFs, and $875 billion in single-stock options—all being cleared tonight. 35% of U.S. stock market options exposure is rolling over tonight. Once these positions are cleared after expiration, the pressure on the market gets wiped out in one go. Next week, whether the market goes up or down, the moves will be even bigger.