Lots of call side action at 19 & 20 strikes in the $VIX. Contracts expires in a week
Imbalance in option chain on put side in $SPY at 240 strike. contracts expire the end of this week
2418 & 2410 keys areas to watch in $SPX and /ES if we see a dip
Plenty of funds still staking out in call side strikes going all the way up through 2500 price level on $SPX & /ES
in other words, wallstreet's #BTD policy will be aggressively enforced if we in fact do see a dip as indicated by $VIX premiums
I'm not convinced though that the $SPX can clear 2450-2460 areas w/o participation from the $RUT
especially with this month's option chain premiums suggesting range bound action in the near term ..1420-1370 ...1350 strike also seeing action so that's def the level to watch if 1370 doesn't hold on a dip
im assuming that if DC drama simmers down then $RUT can see some blue sky...and I'm talking north of 1440 blue sky
Or we could just be looking at another canary in the coal mine succumbing to a weakening $DXY which likely will test lower somewhere in 95 area
Interesting dynamic in markets regarding safety trades where the risk is in anything with heavy exposure to US economy
..Or Trump's stalling agenda to be more precise, until of course something actually gets passed....whenever that is😶
$GOLD traded very well today imo..shorts should exercise extreme caution as this vehicle could go into a "rip your face off" mode w/o notice
And there's plenty of upside to scale before the pundits start talking that 'double top' stuff..
but that'll be a bridge to cross once price officially breaks out of that apex pattern it has been in for the last 5+ years
Nish Eastwood