SPY Chop

Remember I sad I thought the SPY/Market would need to chop around sideways for a bit before it can move higher. This gives institutional money the time they need to accumulate a position to move the market higher. I'm not expecting much for tomorrow, but $132-ish-$132.50 feels right to me based on the options chain as tomorrow is op-ex. I need to look at the chain again and see if anything has changed that would change the most probable target. In the meantime, here's the SPY chopping.

 Here's the sideway chop I mentioned earlier...

And here's a positive 1 min divergence as the SPY chops, note that the divergences are sharpest near the lows of the range.

As I write this, the SPY is breaking lower, I'll have to sniff around, t may just be a head fake to accumulate more now that a range is established, you'll note volume picked up on the break below the range. The chop is helping VXX