**Official National Weather Service guidance for Austin on July 4 points to a mostly sunny day with a forecast high near 98°F, placing the strongest market-implied odds on the 96–99°F bins.** This reflects the consensus from current model runs favoring typical midsummer radiative heating under light southerly flow and minimal cloud cover, consistent with Austin’s July climatology of 96–97°F average highs. The close split between 96–97°F and 98–99°F outcomes stems from minor differences in timing of peak insolation and any subtle afternoon moisture or boundary-layer mixing that could shave or add a degree or two. Warmer bins above 100°F carry lower probability because ensemble guidance shows limited potential for stronger subsidence or drier air to push temperatures significantly higher, while cooler outcomes remain possible only if unexpected early cloud build-up occurs. Traders are weighting the latest deterministic and ensemble forecasts most heavily ahead of the final observation at the official Austin recording site.