The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen
3:45 pm
SPX has reversed from the trendline, declining beneath the 52-day Moving Average. It may be considered a sell signal.
RealInvestentAdvice observes, “The price movement in the broad S&P 500 index is relatively calm. Yet the market’s undercurrent, as measured by sharply diverging returns across stock sectors and factors, is anything but calm. The current market picture we paint is well embodied by a quote from Jules Verne in 20,000 Leagues Under the Sea.”
10:00 am
SPX has reached the 52-day Moving Average at 6893.66and the Ending Diagonal trendline near 6895.00. Round number resistance at 6900.00 beckons, but it may not linger much longer. Time and price have both been met, allowing a reversal to deeper lows.
Today’s options chain shows Max pain at a highly contested 6865.00-6870.00. Long gamma begins at 6900.00 while short gamma rules beneath 6860.00.
ZeroHedge reports, “US equity futures trade near session highs, after rising much of the overnight session amid muted volumes. Yesterday, US stocks recovered their early losses starting just after the EU close and that momentum has carried through to global markets today with what appears to be re-grossing in EU and continued momentum in the Japan trade.”
VIX declined to 18.89 this morning, completing a 61.8% Fibonacci retracement of its latest probe from the low. A breakout may be imminent. However, today’s options expiration shows Max Pain at 19.00, which suggests an explosive move higher may wait until after today’s close.
TNX is moving higher after master Cycle reversal. The change in trend may not be recognized until the 52-day Moving Average at 41.75 is surpassed.