Due to the number of weekly options now trading, every Friday turns out to be an options expiration pin as you saw today with the market barely moving and often closing Thursday very close to the pin for minimal percentage moves on Friday, except in to the last 1 to 2 hours as most options contracts are cleaned up, then the market starts moving and it doesn't have to have anything to do with real direction, it can be a head fake move, it can do a lot of things, but it's generally not that important except for the 3C signals near the close, they tend to pick up where they left off on Monday (the next trading day).
Here's what we have
SPY Ascending Triangle today (Bullish technical price pattern).
SPY 1 min intraday chart
SPY 5 min intraday chart,
these suggest weakness in to the new week, perhaps early Monday or all of Monday.
I'll remind you that we pretty much only had 1 or 2 min negatives yesterday afternoon, the rest up to 5 min. developed today, so they can easily be undone in half a day as well.
The 10 min and certainly the 15 min SPY charts have seen no damage and are still leading positive and look very strong.
Remember the VXX should give the opposite signal of the SPY to confirm as they move inversely? Here's the VXX 1 min , it's leading even higher now, this is why I took the chance on the VXX call position.
VXX positive to 5 min and then at 10 mins.
It falls apart, again confirming the strength of the 10-15 min positive SPY and other averages.
DIA in a tight bullish ascending triangle.
DIA 5 min intraday negative.
IWM in a sym. triangle
IWM 1 min negative, but not that bad.
That's about where we stand, unless something dramatic changes between now and the close, I'd expect weakness in to the close and likely Monday early on, however the 10-15 min charts and even 30 and 60 min in HY Credit are VERY strong so I have little doubt a downside move this afternoon or in to Monday will be nothing more than noise, but may be good for some trades.
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