ES_F Bookmap CVD hedging delta's very weak today and red, tends to lead by a day or two. Can definitely make the case market is short term extended here after this big 3 day rally ha
S&P 500 $SPX the JPM quarterly collar hedge adjustment today into the close selling to open 39,750 June 30th (Q) $4320 calls at $57.84 and buying 79k of the $3885/$3280 put spreads at $57.80 for a near zero net cost
4320 ceiling into midyear?
$SPY reaching 21-day 405.7 target (405.5 is 50% retrace of move high to low) off 392 support bounce play - suspect can fade w/ 403 and 399 key triggers to turn more bear - close over 406 would target 411 VPOC
Bull Case is NYSE Cum. A/D > 89 EMA held, se if NYSI can turn back up
$ES_F nice rally overnight to start March, About 40 points off the after hours lows and now 80% rule back in effect to the upside of weekly value area with target at 4027.25. Lots of congestion at the 4000-10 zone however as that sticky magnet persists
$SPX low yesterday right at rising 55-MA, trend support off Oct/Jan lows and retest of downtrend breakout line, and the 38.2% retrace level, all converged to same spot
$SPY anchored VWAP from Oct lows (orange line) is at about 391 while the one year POC (point of control) currently is just under 396. Continue to lean with idea that prices go back towards there and retest lower. Would be a nice target level and very normal pullback
Pro Tip: Bloomberg puts their articles behind a paywall, but their Canadian website BnnBloomberg has everything free to view
Search the Bloomberg headline and add BnnBloomberg at the end and it should show up free to view