ajtj99's Market Pulse

[Justa Werkenstiff]

Richard: Yes, but please note the following items. The decline in the SPX and NDX were brutal the the last three days of last week. This will not be easily overcome. I expect choppy and volatile action. We got the small body yesterday as speculated last Friday in the SPX. The crows look to be of the expanding type. Odds now favor a close below SPX 1145 within the next week. I think that is a good entry for a trade. SPX looks better than the NDX. There is a huge problem that developed on the NDX in the QQQQ open interest for May in the 36 and 37 calls. The calls just skyrocketed from opex activity. So although the NDX may chop higher, QQQQ 36 has been confirmed as resistance via options analysis now as well as simple technical analysis through mid May at least.