MARKET TEMPERAMENT –
For yet another day, higher lows hold. The SPX market makers now have a tight spread of 43 points around the strike of 2545 for options expiring tomorrow – 2502- 2588. We continue to grind higher with STRONG resistance zones still in play suggesting that our pullbacks will be buying zones and from a momentum perspective, these pullbacks appear to look shallow. Again, heavy resistance is present so watch those breakouts to stall as they head into higher congestion from the past.