The SP was higher by 8 handles. Price remains below the midpoint of the working trend channel and the gap form last week is still open. Tomorrow is the Wednesday before options expiration and should provide a nice move. The many of the put buyers are in the money which implies that the options desk are net long and will need to sell. Be sure to pay special attention to the directional bias after the first 60mins of trade.
Naz was higher by 24 and filled the overhead gap. Note price is above the midpoint of the trend channel which is a clear indication of relative strength.
Multi sector daily chart:
The 10-day Trin remains very elevated and full of upside juice in the tank.
The SOX was top gun and cleared the August consolidation area. The pattern is only 4 days up in the Seeker count.
The BTK is still contained within the current pattern, so nothing new technically.
The BKX is still weak and still waiting for the Seeker countdown to complete.
The OSX is winding up in a triangle and should make a powerful move once it’s resolved.
Gold was higher on the day by $10 still using 1800 as support.
Oil closed over the $90 mark. This is the very key area of resistance between 90 and 92.
