SPX did manage to open near OPEX max option pain of 1383-1393 and stay there most of the day. Remember that because I expect something similar next month. Max pain for May is currently around 1390 but will go lower if SPX drops into May 3ish as I have projected.
As SPX has coiled for the last couple weeks, the importance of Apple earnings on Tuesday and the FOMC announcement on Wednesday grows. Based on my hourly and daily technicals, one should sell the rips. However, the intraday technicals would support a temporary bounce, because SPX formed a wedge down today narrowly holding its 2-4 channel with posd, VIX closed right on top of its 20dSMA and Apple made a slightly lower low with posd possibly completing an ABC or 121. The French elections are a slight wildcard this Sunday but most people know who the 2 winners will be, so it's probably priced in. SPX technicals could support a wave 3/C down on Monday, but I lean towards another bounce to 1387+ and more choppiness through Tuesday until Apple and the FOMC help set the next direction (probably down into May 3ish). Good luck and stupendous weekend!
Thanks for the post
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