SPX options expiration calculation update
by
, 05-17-2012 at 01:19 AM (2456 Views)
Here is the options calculation update, continuing from my Monday post. Because the SPX cash market has moved and open interest in the SPX options has moved; the previous target area (1370-1397) has shifted to: 1347-1398. The box has been pulled down. A bullish falling wedge has formed on the chart below. On Wednesday we saw a rally attempt fail in the first hour, but it will be rerun. Futures are also strongly up tonight (May 16), so I think there is a decent chance we make it inside the box to at least 1347 by Friday, but resistance at 1340 must be overcome first. A relief rally could carry the SPX all the way back to 1363 where there is significant resistance.