The ES is currently down some 10 points from the Friday high at 1303+.
Put action on the SPY is heaviest at 130, with high levels at 126 and 128. The opposite hold sees heavy call options at 132 and 135. These will act as magnets for the pricing action. Selling action due to heavy open put interest below our current price, or a short-covering rally. In either event, we have the mid-February high at 1343 and the SPX 80 MA around 1270.
The SPX-UT peaked around 16 during the November correction. The volatility index has been rising with the pull back from the 1340 area, and another 16 peaking will be very bullish. This last bull has been for some 60 points since that November correction.
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Sunday Evening Trading
We start the trade day early with a CMA which was very productive.
Trade 2:
Declining wicks at resistance = weakness
MID-DAY REVIEW
CMA and subsequent CMA failures are very productive plays, as are any play that combines with another setup. Plays this A>M> have been converted to the 5m chart.
PM TRADING
For the P.M. we continued to look for key setups. We took a 8m short maxt with a xrb showing on the 3m. We were watching the 3m ema for potential support, and a guide to exiting the trade.
The bulls were showing some strength and we went long into the maxt, where we saw an opportunity to exit.
AFTER HOURS TRADING:
The market openned after hours with an excellent CMA play followed by the MAXT play.
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