A few things to know before the opening next week First, let's take a look at the biggest variable: Iran announces indefinite closure of the Strait of Hormuz Everyone has become accustomed to this and desensitized. It is estimated that Chuanzi is pulling the plate again with Taco. Iran hit a commercial ship sailing in the southern Strait of Hormuz and subsequently announced the indefinite closure of the strait. The US military has launched its third airstrike on Iran in the past week, hitting approximately 140 military targets. Trump issued a statement stating that the strait remains open and the US military will do its utmost to ensure freedom of navigation. But Iran immediately launched missiles and drones at five Middle Eastern countries, marking the largest attack in months. The Iranian military also stated that the strait is closed to all traffic except for the northern Iranian air route. This geopolitical line is difficult to cool down in the short term, and it is necessary to closely monitor the linkage reaction between oil prices and safe haven assets. The macro schedule for next week is very full, and CPI is the top priority The newly appointed Federal Reserve Chairman Walsh will testify in Congress 30 minutes after hours on Tuesday and Wednesday, and the wording of this hearing will directly affect the market's expectations for the future path of monetary policy. The CPI data will be released one hour before Tuesday's trading session, which basically determines whether the Federal Reserve will lean towards hawks or doves in the future. There is still PPI data on Wednesday, retail sales on Thursday, and industrial output and the University of Michigan Consumer Confidence Index on Friday. There is a lot of information throughout the week, so it is recommended to arrange the pace in advance and not bet heavily on the direction before the data is released. Technical aspect of the market: The triangular wedge has broken through, and the expiration week of OPEX options next week is expected to be 7600-7700 The S&P 500 rose 0.42% last Friday, closing at 7575.26, officially breaking through the triangular convergence wedge-shaped consolidation pattern that has lasted for several weeks since the sharp rise in April and May. Next week happens to be the expiration week of OPEX options in July, with the largest gamma exposure concentrated at 7600 points (near a historical high). In Friday's trading session, Chinese capital flows were strongly concentrated at the exercise price of 7550, with most of them being call net buy orders, providing financial support for the market to continue to impact 7600 and even 7700. SPY is currently only 0.73% away from a historic high, breaking through the key resistance zone of 752 to 752.50 last Friday and soaring all the way to 755.50. Attention should be paid to the 756 to 756.50 area where the phase high on June 15th is located. If it is blocked here, the market may enter a period of severe volatility in the short term. The lower support ranges from 752 to 752.50, and further down from 749 to 750. Once it falls below 749, the short-term market will turn bearish. In terms of VIX, the panic index fell 5% last Friday, closing at 15.01. The cumulative net cash flow of options shows that once the VIX rises to the level of 20, a large number of call sell orders will flood in to strongly suppress volatility. There is a strong negative Gamma exposure at the exercise prices of 15 and 16, which is also the technical reason for the continued suppression and decline of VIX. Option chain signals for several key AI concept stocks AMD has been consolidating at a high level above the 500 level since the end of May, with the 10 day, 20 day, and 50 day moving averages all diverging upwards, showing an extremely strong trend and never falling below the 20 day moving average. The cumulative net cash flow of the entire chain shows extremely strong call buy and put sell orders, with the target directly targeting the exercise price of 600. GEX shows a strong positive Gamma exposure at 600, indicating that a new round of market trend towards 600 may begin in the short term. In terms of operational strategy, as long as it does not fall below the 20 day moving average, one should firmly follow the trend and go long instead of guessing the top in advance. MU (Figure 2) fell back after reaching its peak of 1200 and recently fell below 1000. Over the past few weeks, the 1000 level has been the support area with the highest Gamma exposure, and the deeper strong support below is seen at the 50 day moving average (around 897). On Friday, net cash flow turned positive again, indicating an opportunity to challenge historical highs again after consolidating around 1000. A more prudent approach in operation is to wait for the price to retrace to the previous structural low point (such as the 50 day moving average) before considering going long, or to wait for an effective breakthrough in the EMA 20 resistance before chasing long. In addition, the downward trend line that connects June 25th to June 30th and then to July 9th has been repeatedly tested three times but has not been able to break through. The fourth time is likely to break through, but according to the current trend of this line, it is more likely to break through first, then retrace and confirm before truly attacking. It is not recommended to chase after it before confirming the effectiveness of the breakthrough. On July 22nd, the financial report of Hynix fell before that, so there is a high probability of a market recovery. I am still bearish on Micron and will retrace and then fall again after breaking the red trend line. 1150 has a gap Meta has formed a strong rebound from the low of 550, with a daily volatility of nearly 10%. It has now returned to above EMA 200 and SMA 200, and the accumulated net capital flow shows a clear bullish net inflow in the range of 650 to 700, with only partial call selling pressure around 700. If the short-term retracement reaches around 650, it will be a good position to buy on dips. Q2 earnings season officially kicks off (Figure 1) Overall, next week is not only a highly concentrated week for macro data (CPI, PPI, retail sales), but also the first week of the official start of the financial reporting season. Coupled with geopolitical uncertainty, the volatility is likely to significantly increase compared to the past few weeks. It is recommended to remain flexible and follow the confirmation signals of key positions to operate, and not to fully invest in a single direction in advance.