ES. Slingshot
Gotta be honest here, Did not expect a move up and out. My expectation was for a spike up only to be sold. As SVI says "ya never know who's lurking in the shadows". Having come this far it seems reasonable to expect the trend line from 2947 to be tagged . Roughly the 2710 area. The nagging question is that open gap at 41 from yday? Do we fill it prior or after. From a trading perspective, S&P still remains in an uptrend and that should remain as long as 2626 area is not taken out. Tomorrow is month end so likely the market should hold and I feel any PB would likely come O/N. At the moment I have the, 68 area and then the 56 area as support but I doubt we go below 64 or so. Those who caught the FOMC moves Kudos. My hunch is that 89.25 is likely the high for now and we need to do some work below before higher. I may be wrong. Interesting that today SPY puts outnumbered calls by 1.5:1. Stand out Strike as of today is 2700 for calls and for puts 2640. Month end tomorrow and expiration on Friday. Surely sets up for some interesting trading.
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