I've been saying that sentiment has not been particularly supportive of downside action and so far that's largely the way it's been. But I also said that this week is OPEX and that the market is "generally" supportive of prices during that week. So far, that's been true too.
Now tomorrow is a quadruple witching options expiration day, which means we could see more volume and volatility than usual. It also means that any action we get may not be reflective of the true nature of this market under the circumstance. I would think next week would be more telling of whether the market is going to continue its ascent or finally correct.
The Seven Sentinels officially remain in an intermediate term sell condition. Internals were weak today, and that's been a theme for awhile. Yet, prices have continued to rise. In a word...liquidity. But even that has its limits.
Interesting times indeed.
Now tomorrow is a quadruple witching options expiration day, which means we could see more volume and volatility than usual. It also means that any action we get may not be reflective of the true nature of this market under the circumstance. I would think next week would be more telling of whether the market is going to continue its ascent or finally correct.
The Seven Sentinels officially remain in an intermediate term sell condition. Internals were weak today, and that's been a theme for awhile. Yet, prices have continued to rise. In a word...liquidity. But even that has its limits.
Interesting times indeed.
