MARKET TEMPERAMENT –
Traders kept prices rangebound overnight under negative divergence and positive momentum. Yes, that does continue our mixed bag that will deliver large wicks and test our confidence of price action. Pullbacks are still buying zones but the line in the sand is 2581.75…..if broken, we should see a cascade of traders leaving the buying area they have held since yesterday. The SPX market makers show a spread of 21 points around the strike of 2595 for options expiring today – 2574- 2616, so we definitely want to pay attention to those edges. The spread is smaller than average, also indicating some choppiness ahead with tightening ranges before the bigger move ahead. STRONG resistance zones are still in play.
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