It's very strange to think weekly options which are so limited in quantity or availability, could actually pin the market, but it's really the big stocks that control the market that have weekly options available as well as the market averages themselves, so although I'd never thought I'd say it, the recent evidence has been that even the weeklies are pinning the market.
Look at the Q's price right now, the SPY, the DIA and I'm betting the R2K in not too long, all look like a pin, all also are in the environment where distribution takes place and most have negative divergences in place.
I'll be positing an update very soon, but just know that about the underlying tone. The IWM has some short term confirmation, but beyond that the tone gets worse and worse.
5 years ago
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