The OEX put call ratio is really low today, only 0.45. It does not support an immediate market crash down. On the contrary, it looks like leaning to bullish side.
Thursday, January 12, 2017
1/12/2017 daily update
Today the volatility picked up when market open. Sp500 index was pushed down to 2254.25 before moving back up and closing at 2270.44. The price still move in a down channel (bull flag), the channel bottom was hit 3 times already. The market is choppy with non-direction price action. The daily trade flow is still negative by MACD/PMO indicator. Tomorrow's big banks's earning may be a catalyst to move the market. However, the option expiration day also may cap the move magnitude of either side. Range trading before breaking out or breaking down is so far the most reasonable operation. Leaning to long trade if sp500 keeps above 2250, to short if sp500 keeps below 2250.
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