Quick Market Update

Today's action almost feels like an option expiration pin which is possible as the weeklies seem to be picking up more influence in that regard, at least we've noticed that several times which I hope is not the case as it makes for a very boring Friday.

Any way, there's possibly another explanation...

This is the SPY from yesterday and today above the area we were looking for, we are seeing some short term negative divergences, it's not where I'd like to see it right now. There's a few other things I'm interested in, one I'll have to wait for, that's the F_E-d's POMO, the other's I'm watching and checking through the day. The point is this is the area we needed to be above in my opinion before anything significant or any movement toward trend 2 would take place. Normally I'd expect come further upside in this particular situation, it may be that it's a combination of op-ex and supporting price above the trend line.

The TICK data is very, very mellow.

At the white arrow is the head's p the TICK gave earlier I mentioned, but the more important thing here is TICK hasn't crossed above +750 or below -750 all day, this is very, very balanced trade, it almost seems to balanced, as if it's seeing a bunch of slight corrections to keep price (and breadth) very steady. If this is the case, a large algo program could probably pull it off , especially one operating from 33 Liberty Street, NY.

The last few days the data has been much better toward the end of the day, I'm not going to slack because of that, but it is what it is. The mission now is to understand why and what it means for the market and what opportunities that opens up.