Option Investor
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If the bounce off the mid-morning low can continue a little higher SPX will have two equal legs up at 847 which would be slightly more than a 38% retracement of the decline from Monday's high. That would be a level to watch for failure of the bounce. So far I'm getting that sideways feeling (typical during opex) and it takes a break below this morning's low to confirm the more bearish pattern that calls for a strong decline (perhaps down to the 800 area for expiration). But for now we may be seeing consolidation that will keep SPX pinned around the 825 or 850 level.

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