We’ve come some 80 points higher in the SPX, since our pivot low on November 2nd. As with previous runs, longs were sucked in today on what they thought was a breakout through recent highs. I believe we’re do for a pullback to 1060 into OPEX. 1097 is first support for the spooz. A drop below that double bottom at 1082 would probably produce the slide to 1060 where the 50dma waits. That would set us up for a rally into the end of the year.
SPX 1060 – 1070 should stall a pullback this week.
Been trading a lot of TNA and TZA lately. The 5-minute high of TNA was the play today.
