Today's Opex was remarkably quiet, a 3pt range. Great huh? The VIX in the 13s certainly confirms the current market condition of zero volume meltup. The bots are in full control.
The closing hourly indexes...
What can be said? The market is effectively dead right now. A few chess pieces are moving around the board, but really, the game is currently on hold until the next appearance of the Bernanke at the infamous 'jackson hole' of August 31'st. After that, its 2 trading weeks until the Sept' FOMC, when it seems nothing will happen.
We remain in very clear narrowing wedges on the hourly charts for the SP'500 & Dow'30, but the transports and the Rus'2000 are a bit of a mess still.
It would seem quite possible we'll get a reaction/reversal from the sp'1422 level next Mon/Tuesday. Even if somehow we get a multi-day decline, yet another higher low is likely. For the bulls, so long as we don't break sp'1354...everything is fine.
The bears have a lot to think about over this weekend.
More across the evening..to wrap up what has been a classic algo-bot meltup week.