First you'll have to excuse me today, I'm a bit dazed. I spent the night with one of the best friends anyone could ask for as he passed from a 2 year bout with melanoma so while I'm here and alert... I guess you probably understand what I'm saying.
This morning's open was typical op-ex behavior, usually the open is very close to the previous day's close...
SPY opening very close to yesterday's close, presumably for the op-ex max-pain pin
ES intraday needed to ramp to make that happen after a fairly dull overnight session, it's looking a bit congested in the area with a small intraday negative building.
As far as a market pullback, this ES 5 min chart still looks very much like that's on the table, the longer 10-15 min charts still say we bounce, it just looks like we pullback a bit before.
Even as far out as the ES 15 min chart a pullback looks probable.
As far as this morning, USD/JPY had to help Index futures move up enough to open close to yesterday's close, ES gained about 10 points this morning before the open on this ramp, however there are negative divergence signs building in USD/JPY intraday as well, the $USDX and Yen don't have very strong signals right now for any clear divergences.
As you'd expect on an options expiration max pain pin, SPY opened and has pretty much stayed "in line" intraday 1 min
However the 3 min chart is suggesting a pullback.
As is the SPY 5 min chart.
IWM intraday 1 min is in line as well
As is the Q's.
Really right now, everything looks just like an options expiration day, if I didn't know what day it was and just looked at the charts, I'd likely think to myself, "This looks like op-ex behavior".
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