3pm update - 2050 for the opex close?

US equities remain moderately higher, and considering its opex... with resistance at 2060, the market makers will be inclined to attempt to pin the SPY ETF to 205... equiv' to sp'2050. With another equity bounce, the VIX is naturally subdued in the 15s.


sp'weekly1b

VIX'60min

Summary

*VIX sitting on rising trend... equity bears could do with a weekly close >15.50.
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Well, its been another week of swings.. and we look set to close around sp'2050.. with VIX 15s.

Sure, bulls can argue they've (probably) managed a net weekly gain... breaking the downward run.

Yet.. bears achieved a lower high.. and a lower low, breaking the key lows of 2040/39 and (arguably, even more important... 2033).

Clearly, next week the target will be <2025... and then 2000/1990s.. if not the actual H/S target of 1970/60s.

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back at the close