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| SPX Daily |
The bulls have rallied us back up to the 1455-1465 area. Will they go for a break out, or are we still range bound? With the Naz and Russell lagging... I have my doubts about a breakout. I'm trying to keep an open mind though. Short term indicators are still looking ripe for selling, but the fact that we didn't see much selling off the setup today is potentially bullish in the intermediate term. Tomorrow is one of the highest probability up days in October:
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| October 18 is trading day #14 |
I generally don't pay much attention to these seasonality charts unless there are a string of +70% days, but I thought it was worth posting anyway.
A few bearish things that I'm thinking about going into tomorrow:
- It's options expiration week and 1450 might be magnetic based on a quick review of open interest on SPY and SPX
- Short term indicators still look ripe for selling
- CBOE P/C ratio has been pretty low
- Daily chart indicators are a little stretched and could use a down day to take the edge off
- Sellers were aggressive in S&P and Naz futures today near the highs
