Once again SPX basically did nothing all week, but we were able to find some really great movers. For now rotation continues to keep this market alive and until that changes there is no reason to fight the trend. Breadth: SPX stocks at 20-day highs: There is currently nothing telling here. Not oversold or overbought. ...
SPX held that zone around 2418-2421 last week and until that gets taken out, the short term trend remains rangebound to up. Of course that level can be taken out in a gap down, but that’s never an easy thing to anticipate with perfect timing. Last week I think was a fairly challenging trading week with...
The SPX closed down a bit on the week, but the real drama was of course Friday with the Nasdaq taking a beating. Overall we had a great week and Friday was a good reminder of why we always take some profits off the table when we have them. I’m mentioning that because I think it’s...
What a great week! That dip that filled the gap was spot on. SPX made an all time closing high and likely still has higher to. Let’s get into what things look like for next week. Breadth: SPX stocks at 20-day highs: Lots more participation and inching closer to the level where the market typically has topped out. With that...
Bullish Open Interest Wednesday, But Less so For Qtr/Month End
I’ve been on vacation for a bit, but I just got back so here is a very quick post for next week. Open Interest: SPY-W: (33 of 41 pins since Wednesday expiration inception).* This open interest is more bullish and currently suggests a pin of 234 to 244. With that said, there is very little call resistance […]
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