Granted this is still in experimental mode.
Nevertheless I think that regardless of whatever high is reached today,
you know the numbers,that today should be the high
preceding a move down to at a minimum
knock down some of the extreme indicator readings.
place your bets
Goes without saying, that even though if this is the high
that doesn't necc. mean a strait drop down.
With Friday being nothing but "pin" day ( I don't even trade SPY on Fridays anymore except to close out any positions), I really tend to lean towards the volume and OI for the weekly close.
My take this morning is a little pop up to $151.75 or so but by tomorrow, we go down and test $149.60 again. There's a lot of $150 Puts out there but they've been squeezing them hard. The Put Call Ratio is off the charts (contrarian at times) but the call side volume, especially yesterday, is mind blowing.
They gotta keep sucking them in . Let em buy on those dips. There's an article circulating out there (see if I can find it again) about how investor bullishness went from 38% to something like 49% in 1 month. Massive inflows into the equity mutual funds. My favorite one though was that for every insider purchase, there are 9 sales right now. OUCH!
Be patient ,I replied to yesterdays post with a chart link and ya hoo nazis deleted it. The last gasp is violent .Monday will be inflection point WAG. I will continue to trade trending stocks with large volume each day and SPY at extremes intraday or gaps . We have 2000 high in sight . We also have shorts stops above that think it was a double top. Where will they hit a puke point 151.94-152.29? Friday may be the top ? Trade what you see and prosper. When #$%$ the exit it will be obvious .1503, 1484 has to break to go lower . 1523ish is resistence on extension . I would look at individual names of indices also . The USD and treasury yield tells all.
I am watching a position I have in TBT (short treasury) and noticed over the last few days that TBT lows (money into bonds) preceded SPY dips (using a 5 minute chart you can see what I mean) and TBT rallies (money leaving bonds) came right before SPY surges. The rotation that is being discussed in many circles is a real event. Money is being sloshed around from bonds to equities and visa-verse and may be a good indicator for those looking for short side entries or long side exits.