Option Investor
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A sharp spike down this afternoon was immediately bought and prices were driven to new highs in the final hour (we seem to be getting a lot of big moves in the final hour which tells us institutions are involved). SPX hasn't made it up to its 814-816 target zone so that remains a possibility (it got very close with a high so far of 813.62 as we round the bend). Today's price pattern is sloppy and therefore not reliable as far as using it for help in determining what's next. But I would not be surprised by an immediate decline tomorrow to start the next leg down. There's no change to the SPX 60-min chart from earlier in the day.

SPX 60-min chart:
[Image 1]

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