ajtj99's Market Pulse

[Justa Werkenstiff]

Market: I will not be in today. Depending on your time frame, look to take profits on any longs. There still could be some SPX room for up. We may get some float the boat activity there after yesterday's move. SPX resistance approaching as well as NDX resistance. Sentiment heading toward complacency but not there yet. Recall the crows on the SPX. Halfway up the crows is right around resistance. I think it will still chop around for awhile even if we have a bullish trend change here intermediate term.

NDX is real simple. Remember the QQQQs. Recall the support at $36? It is now resistance as it broke down completely causing a massive readjustment of NDX expectations during opex. See any chart. We are closing in there and got as high as $35.71 yesterday. Don't like a simple read of charts? Then look at the OI for the May 36 QQQQs. The ceiling has been installed right there for now...328K to 180. They just installed the ceiling during opex and are not going to let it go without a serious battle if one can be mounted at this point. Big boys probably sold a buch of 36 calls then and bought a bunch of 37s themselves in a bearish credit spread. They will at least have to bang 36 twice if they can and each one of those bangs should fail. I have no idea when they bang it first. There is even a stronger ceiling at $37.