As mentioned yesterday, there seemed to be a desperate effort to get something moving north a bit, first with HYG and when that didn't work, with a VIX slam at the close which didn't work either, whether this was the SPX 100/50-day moving average, the NDX green for October or a typical reversal process (Igloo with a Chimney) and head fake, it doesn't really matter, but this is looking like a decent put option buying area as mentioned yesterday as well on the condition that there was a move above the rounding top or a chimney on the igloo which we have this morning .
There was no big overnight news that pushed the market, in fact it was the Yen carry trade which I showed last night weakening as the Yen saw strength.
Here's the USD/JPY right now so futures look like they have some early catching DOWN to do.
Personally, so far I like IWM puts the best, probably November monthly expiration and in the money, but I'm going to wait until the regular market opens and take a look at some charts before deciding.
USD/JPY in line overnight and a deep negative this morning that has already fired and sent the carry trade lower.
NASDAQ futures 1 min look set to follow
As do Russell 2000/ TF.
I like the TF 5 min chart above, leading negative
and the 7 min chart as well, these are my minimum time frames for trades so I love what I see.
NQ 15.
I'll have some early updates out this morning, but I'm definitely looking to sell this with puts, I just want to be sure.
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