AG not going to say anything to intentionally tank market so I look for slow grind higher. They will take out 1164 within the week with short covering providing the basis for move higher back to 1180. Then all bets off going into expiry. Two favorite ranges for expiry are within 5 points range of either 1150 or 1175 where there is more quantities of options written. Never underestimate the power of making the most number of options go to zero.
RP: These small bodied days in the face of increasing complacency and increasingly overbought conditions suggest that the crows will dominate and control the action at the mid-point and that selling any longs in here would be prudent to reposition lower. I got frothy/borderline extreme readings in complacency intraday at least. The SPX (QQQQs too) need a big day here and now to maximize the optimisim in the market. If it does not occur and we get small bodied moves and increasing complacency as we move to price sells, roll over is more probable. This is short term topping action. BTW, price sells close too.
A rise to $36 is possible prior to opex though...plenty of time...plenty of entertainment possibilities can play out. Have to take it day-by-day and try to read the script.
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