Last week was interesting, to say the least. The target range of SPX
6900-75 worked well thru Wed as Mon started weak with a drop to 6904 then
rallied over 6980 and Tue stayed over 6950, then the Wed job numbers were a
positive surprise at +130K and SPX initially rallied over 6990 before falling to
6910 midday and closed near 6950. Thur saw another AI scare as Algorhythm
Holdings (RIME), a former karaoke manufacturer, released a report claiming its
SemiCab AI software could reduce empty truck hauls by 70% from current one third
of the time. The most amazing thing was that almost everything fell with
gold, silver and oil down 2% or more, S&P trucking fell 7%, banking (BKX) 2%,
NDX 2% and SPX 1.5%. RIME was a notable exception going from $100 to $600
in one day. A couple of recommended reads explaining the
SAAS (software as a service) problems
and Phils Stockworld's the threat of AI
written mostly by seven AGI agents. Personally I don't read PSW much after
the AGI's took over as they are too wordy and repetitious.
March is looking like it could be an important month. Previously I
showed the huge SPX options OI straddle at 7k which I thought would continue to
support prices for a while and recently found out that the next Bradley turn
date is March 20. However, two prominent EW analysts disagree whether
March willl be a top or bottom. Trader Joe looks at the last several months
as an expanded flat with a low likely in March near SPX 6500, while Dr. ter
Schrue's recent post (no J/S)
thinks the NDX will top in March then decline into Oct. To me the SPX is
starting to look more like a H&S with move back to the upper 6900's possible in
March then a decline to the 6500's in May, but a summer rally is likely if the
Fed cuts int rates in June as the CME
fed funds outlook is up to a 70% prob of a June cut with 15% > 0.25% cut.
Major sentiment indicators are little changed with the ST Composite remaining
on a weak Buy while the Hedge spread moved to neutral and INT/.LT indicators
remain mildly negative. The biggest change in sentiment is for the NDX
where futures (NQ) fell to a weak Sell and the options (ETF) and 3x ETFs
indicator moved to neutral, perhaps NDX rallies into a March top as indicated by
Dr. ter Schure.
I. Sentiment Indicators
The INT/LT Composite indicator (outlook 3 to 6+ months) has three separate
components. Starting Aug 26, 2023 SPX options are removed due to extreme 0DTE volume
distortions. New weights are ETF put-call indicator (30%), SPX 2X ETF INT
ratio (40%), and 3rd a volatility indicator (30%) which combines the options
volatility spread of the ST SPX (VIX) to the ST VIX (VVIX) with the UVXY $ volume.
Update Alt, INT view. Bearish sentiment remains near a weak Sell.
Update Alt EMA. Bearish sentiment remains near a weak Sell.
The ST Composite as a ST (1-4 week) indicator includes the NYSE volume ratio
indicator (NYDNV/NYUPV & NYDNV/NYDEC) and the UVXY $ Vol/[SPX Trend, SMA only]. Weights
are 80%/20%.
Update. Bearish sentiment is just above a weak Buy.
Update EMA. Bearish sentiment is just above a weak Buy.
The ST VIX calls and SPXADP indicator bearish sentiment continues to decine
closer to a weak Sell
The ST/INT Composite indicator (outlook 1 to 3 months) is based on the Hedge Spread (52%)
and includes ST Composite (12%) and three options FOMO indicators using SPX (12%),
ETF (12%), and Equity (12%) calls compared to the NY ADV/DEC issues (inverted). FOMO
is shown when strong call volume is combined with strong NY ADV/DEC. See
Investment Diary
addition for full discussion.
Update EMA. Bearish sentiment increased but remains midway between neutral
and a weak Sell.
Update FOMO calls. Bearish sentiment fell toward a weak Sell.
Bonds (TNX). Bearish sentiment remains at low extremes as rates
fell with the good inflation news Fri.
For the INT outlook, the gold miners (HUI) bearish
sentiment is presented in a new format using the data mining software to add
the inverse TNX rate to the ETF ratio.
Update. Bearish sentiment continues to fall but remains above a strong Buy.
II. Dumb Money/Smart Money Indicators
This is a new hybrid option/ETF Dumb Money/Smart Money Indicator as a INT/LT
term (outlook 2-6 mns) bearish sentiment indicator. The use of ETFs
increases the duration (term).
Update. Bearish sentiment remains midway between neutral and a weak Sell.
With the sister options Hedge Spread as a ST/INT indicator
(outlook 1-3 mns), bearish sentiment continued to rise to neutral.
A new composite SPX options indicator uses both the volume adj (1/B-A) and P/C
equivalent spread (A-B) to compensate for the discrepancy between the two.
This replaces the old SPX options indicator for the SPX ETFs + options below and the
INT/LT composite. No chart.
For the SPX, I am switching to hybrid 2X ETFs plus SPX options. Taking a look at the
INT term composite (outlook 2 to 4 mns), bearish sentiment remains at neutral.
For the NDX combining the hybrid ETF options plus NDX 3X ETF sentiment with the interest rate effect,
(outlook 2 to 4 mns) bearish sentiment shows similar extremes between ETF and
options as in late 2020 which resulted in a choppy market until options
sentiment rose. Note QQQ options are optimal, but are N/A and are included
in ETF options.
Bearish sentiment moved to neutral.
For the SPX combining the hybrid ETF options plus SPX 2X ETF (outlook 2 to 4 mns)
produces an indicator where, in this case, ETF options are a proxy for the SPY options.
Bearish sentiment for SPX continued to rise toward neutral.
III. Options Open Interest
Using Thur closing OI, remember that further out time frames are more likely
to change over time, and that closing prices are more likely to be effected.
Delta hedging may occur as reinforcement, negative when put support is broken
or positive when call resistance is exceeded. This week I will look
out thru Feb 20. A text overlay is used for extreme OI to improve readability,
P/C is not changed. Also, this week includes a look at GDX, TLT & IBIT for Mar exp.
A new addition is added for OI $ amounts with breakeven pts (BE) where
call & put $ amounts cross. Note multiply OI$ by 100 for shares/contract.
With Fri close at SPX 6836 and Mon Pres Day, options OI for Tue is moderate/large
with strong put support at 6780 and a BE at 6930. A move toward 6900 is
likely.
Wed SPX options OI is small/moderate with put support at 6800 up to 6900, call
resistance is at 6950 and over 7000. 6900-50 is likely
Fri AM SPX options OI is large with put support up to 6900. 6900-50 is
likely.
Fri PM SPX options OI is moderate/large with put support up to 6900 abd call
resistance at 7000. Call resistance at 6975 may allow prices to rise to
6950-75.
Fri Mar 20 AM SPX options OI is large with another huge straddle at 7000
and large straddle at 6900 that lowered the BE to 6945.
IV. Technical / Other
The following uses barcharts.com as a source and discusses S&P futures (ES) as a third
venue of stock sentiment in addition to options and ETFs. The non-commercial/commercial
spread represents a LT bearish sentiment (dumb money/smart money) indicator. As explained in investopedia,
commercial investors (red) are institutions and are smart money, while non-commercials (green) are speculators such as
hedge funds and are dumb money. Here is the current barchart graph
for the S&P 500 (top) and trader positions (1st bot) with positives as net longs and negatives
as net shorts.
Bearish sentiment is represented by the spread and is positive if red > green
(Buy) and negative if green > red (Sell). ES (SPX) sentiment remains neutral + .2 SD, NQ
(NDX) dropped to a weak Sell at -1.0 SD, YM (DJIA) remains below neutral at
-0.25 SD.
A quick look at gold (GC), bearish sentiment is in-between a weak and strong Sell at -1.5 SD.
Click dropdown list to select from the following options:
Tech / Other History
2025
2024
2023
2022
Other Indicators
Conclusions. Sentiment had been warning of weakness in tech for a
while. but until last Nov the mere mention of a company using AI would send its
stock up 10%. Now the focus seems to be shifting to the potential
disruptive effects, not only the displacement of workers, but possibly entire
industries. Similar to the housing crisis after the fall of Lehman Bros,
the overreaction Thur may be a warning of bigger problems ahead as everyone
begins to wonder who is next.
Weekly Trade Alert. The BTFDers took a long weekend Thur/Fri, if
they return next week SPX 6900-50+ is possible. Updates @mrktsignals.
Last week was expected to show some early weakness due to the follow thru
from MSFT high capex spending, but more of the same from GOOGL on Wed and AMZN
on Thur continued to pressure prices until the Fri turnaround. The outlook
was for a recovery by Fri back toward the SPX 6950 area and from a Thur close of
6780 the SPX rose to a high of 6945 before a close at 6932 Fri. The
turnaround in the ES futures was even more dramatic with a Fri premarket low of
6750 and a high of 6965. The culprit was a WS big bank call for a marlet
bottom Fri AM. Interestingly, this corresponds with the mysterious SPX
straddle at 7000 that has been appearing at the monthly exp since Dec.
Apparently, the big banks (GS,JPM) are selling premium and when I first looked
at Feb exp a couple of weeks ago when SPX was about 6975 there were about 100k
ea for P&C at $128. This works out to about $2.56B in premium. The
straddle makes money if the SPX is within 7000 +/- 256 for a low at 6744 which
is almost exactly where the banks called a bottom. It gets even better for
Mar, where I just noticed that there is an SPX straddle at 7000 of 200k ea for
P&C with P at $160 and C at $110 for $ 5.4B in premium. This gives a BE
range of SPX 7000 +/- 270, so the bottom is likely in for a while.
Overall, bearish sentiment improved somewhat, with the ST Composite remaining
and several INT indicators moving above a weak Sell including the FOMO calls,
Dumb Money and Hedge Spread, but a surprise from SCOTUS on tariffs is a
possibility after the 20th when their recess ends. The increased CapEx
spending should be good news for NVDA which was up 8% on Fri. Since Dec,
NVDA has been trading in a range of 170-195 after a Nov high of 212 and ATHs may
pull the SPX to ATHs as well. Jobs data from Fri was delayed due to
shutdown is now Wed AM and CPI is Fri AM.
For those that like to follow multiple
markets, ie, commodities, stock indices, currencies, crypto, etc, I found a new
site called
TradingEconomics.com that has a handy setup . The first couple of pages are news summaries,
but below that is a mulit-columm view. Just click on column heading to
select, then use arrow keys to change. Updates are continuous with low
memory usage and crypto is 24/7. US indices are SPX, DJIA, and NDX with
Nikkei, FTSE and several others; all appear to be 1-mn futures real-time. A
couple pages below is a global economic summary.
I. Sentiment Indicators
The INT/LT Composite indicator (outlook 3 to 6+ months) has three separate
components. Starting Aug 26, 2023 SPX options are removed due to extreme 0DTE volume
distortions. New weights are ETF put-call indicator (30%), SPX 2X ETF INT
ratio (40%), and 3rd a volatility indicator (30%) which combines the options
volatility spread of the ST SPX (VIX) to the ST VIX (VVIX) with the UVXY $ volume.
Update Alt, INT view. Bearish sentiment dropped slighty but remains above a
weak Sell.
Update Alt EMA. Bearish sentiment remains just above a weak Sell.
The ST Composite as a ST (1-4 week) indicator includes the NYSE volume ratio
indicator (NYDNV/NYUPV & NYDNV/NYDEC) and the UVXY $ Vol/[SPX Trend, SMA only]. Weights
are 80%/20%.
Update. Bearish sentiment remains near a weak Buy.
Update EMA. Bearish sentiment remains near a weak Buy.
The ST VIX calls and SPXADP indicator bearish sentiment remains below neutral,
but well short of a weak Sell.
The ST/INT Composite indicator (outlook 1 to 3 months) is based on the Hedge Spread (52%)
and includes ST Composite (12%) and three options FOMO indicators using SPX (12%),
ETF (12%), and Equity (12%) calls compared to the NY ADV/DEC issues (inverted). FOMO
is shown when strong call volume is combined with strong NY ADV/DEC. See
Investment Diary
addition for full discussion.
Update EMA. Bearish sentiment increased to neutral early then pulled back
below neutral.
Update FOMO - calls. Bearish sentiment rose back toward neutral.
Bonds (TNX). Bearish sentiment remains at low extremes.
For the INT outlook, the gold miners (HUI) bearish
sentiment is presented in a new format using the data mining software to add
the inverse TNX rate to the ETF ratio.
Update. Bearish sentiment topped out at +6 SD, but remains on a strong Buy.
II. Dumb Money/Smart Money Indicators
This is a new hybrid option/ETF Dumb Money/Smart Money Indicator as a INT/LT
term (outlook 2-6 mns) bearish sentiment indicator. The use of ETFs
increases the duration (term).
Update. Bearish sentiment rose above a weak Sell toward neutral.
With the sister options Hedge Spread as a ST/INT indicator
(outlook 1-3 mns), bearish sentiment jumped above a weak Sell to just below
neutral.
A new composite SPX options indicator uses both the volume adj (1/B-A) and P/C
equivalent spread (A-B) to compensate for the discrepancy between the two.
This replaces the old SPX options indicator for the SPX ETFs + options below and the
INT/LT composite. No chart.
For the SPX, I am switching to hybrid 2X ETFs plus SPX options. Taking a look at the
INT term composite (outlook 2 to 4 mns), bearish sentiment moved above
neutral.
For the NDX combining the hybrid ETF options plus NDX 3X ETF sentiment with the interest rate effect,
(outlook 2 to 4 mns) bearish sentiment shows similar extremes between ETF and
options as in late 2020 which resulted in a choppy market until options
sentiment rose. Note QQQ options are optimal, but are N/A and are included
in ETF options.
Bearish sentiment moved toward neutral.
For the SPX combining the hybrid ETF options plus SPX 2X ETF (outlook 2 to 4 mns)
produces an indicator where, in this case, ETF options are a proxy for the SPY options.
Bearish sentiment for SPX moved up from a weak Sell.
III. Options Open Interest
Using Thur closing OI, remember that further out time frames are more likely
to change over time, and that closing prices are more likely to be effected.
Delta hedging may occur as reinforcement, negative when put support is broken
or positive when call resistance is exceeded. This week I will look
out thru Feb 13 & Feb monthly. A text overlay is used for extreme OI to improve readability,
P/C is not changed.
A new addition is added for OI $ amounts with breakeven pts (BE) where
call & put $ amounts cross. Note multiply OI$ by 100 for shares/contract.
With Fri close at SPX 6932, options OI for Mon is moderate with little bias
between 6900 and 7000. BE is 6905 due to deep ITM calls, but range is more
likely 6900-6960.
Wed SPX options OI is small/moderate with put support at 6915. Could reach
6950+ with jobs data release.
Fri SPX options OI is moderate/large with stronger put support. Expected
range 6925-75.
For Fri monthly AM, strong SPX OI show a strong positive bias with a BE at 6995,
but strong call resistance at 7k. May test ATH.
For Fri monthly PM, SPX OI is moderate with weak put support and strong call
resistance at 7k. Likely close 6900-50.
IV. Technical / Other
The following uses barcharts.com as a source and discusses S&P futures (ES) as a third
venue of stock sentiment in addition to options and ETFs. The non-commercial/commercial
spread represents a LT bearish sentiment (dumb money/smart money) indicator. As explained in investopedia,
commercial investors (red) are institutions and are smart money, while non-commercials (green) are speculators such as
hedge funds and are dumb money. Here is the current barchart graph
for the S&P 500 (top) and trader positions (1st bot) with positives as net longs and negatives
as net shorts.
Bearish sentiment is represented by the spread and is positive if red > green
(Buy) and negative if green > red (Sell). ES (SPX) sentiment remains neutral + .2 SD, NQ
(NDX) remains above a strong Sell at -1.5 SD, YM (DJIA) remains below neutral at
-0.1 SD.
A quick look at gold (GC) is just below strong Sell at -1.75 SD.
Click dropdown list to select from the following options:
Tech / Other History
2025
2024
2023
2022
Other Indicators
Conclusions. Its hard to believe that for all of the excitement
last week provided, the SPX managed to lose only 7 points at the end. The
DJIA, however, had a tremendous week jumping over 50K for the first time after
bumping into 49.6k six times since early Jan. I was surprised to see that
the DJIA (price weighted) is weighted heaviest by banks (27%) while techs are
second (21%). GS at $900+ is 11% while NVDA at a mere 180 is only 2%.
Last weeks ADP data seemed to be the first indication of AI-related job losses
with a loss of over 100k, so the Wed jobs data may be important. Bad may
be good for lower rates, but that just makes it cheaper to buy more AI that
leads to bigger job losses. How can the Fed fix that? CPI on Fri is
expect to show a slight decline, but higher oil prices remain a threat.
Weekly Trade Alert. SPX likely to be on hold between 6900-6975
unless there is a major surprise. Updates @mrktsignals.
Last weeks call for an up, down, up sequence proved accurate, although the
move to SPX 7k was not expected until Feb with targets 6880-6950 (act 6874-7002)
and EOM close 6930 near SPX OI BE at 6930. Mon rally stopped near 6950,
but Tue/Wed seemed to be in anticipation of big tech EPS (TESLA,MSFT,META) late
Wed. Unfortunately MSFT disappointed based on high capex spending relative
to EPS growth, while META blew away expt EPS. The 12% drop in MSFT Thur AM
caused an initial panic sending the SPX down 100 pts, but later recovered as
META's strength calmed investors. However, MSFT is the second big tech
stock to trip over AI results. Late 2025 ORCL disappointed after AI bookings
sent stock up 50% in Sept from about 210 to 320, but disappointing results in
Nov have sent stock spiraling down to the current 160 level. Thinking
about a football commercial the previous week where a talent scout using MSFTs
Copilot AI in Excel analyzed the performance results, I realized the problem
with ORCL and MSFT is that there is no way to monetize their AI enhanced
software. META has a huge database of users likes and dislikes on its
social network platforms (Facebook, etc) and uses AI to profile users for
targeted ads that produce revenue. However, ORCL and MSFT charge business
users a couple hundred $ a year extra for AI enhanced software that may save
users 10s of thousands of $ a year, or more, if a consultant were hired to do
the same work as an AI agent. That's all for that, but ORCL would probably
pay you $200k a year if you have a solution.
My warning of a strong Sell on gold futures sentiment proved timely as the
selection of K. Warsh as Fed chair to replace Powell, rather than easy-money K.
Hassett, seemed to pull the rug out from the precious metals with gold down over
10% and silver down 35%. Warsh has an odd background as a former Fed
governor under Bernake who quit over the use of QE and is a deficit hawk that
believes that controlling inflation is necessary by cutting deficits and money
printing before lowering interest rates. It sounds like a good plan, but
will politicians be willing to accept the "pain before gain".
Sentiment indicators show little change for the week with ST Composite
positive and INT negative. Last week
M.Hulbert showed an update of
an indicator using the
FRED 2025Q3 average household’s equity allocation now at an ATH of 54.9%. A
blogger in 2013 showed that this is
the single best predictor of following LT returns and is now predicting a
-5.4%/yr SPX return avg for the next 10 years after inflation. SPX options
OI indicates that there may be follow thru to the downside early next week, but
a turnaround is likely by Friday's job report with SPX 6950 possible. SPX
monthly OI still targets ~7k, while EOM Feb is similar to Jan EOM.
I. Sentiment Indicators
The INT/LT Composite indicator (outlook 3 to 6+ months) has three separate
components. Starting Aug 26, 2023 SPX options are removed due to extreme 0DTE volume
distortions. New weights are ETF put-call indicator (30%), SPX 2X ETF INT
ratio (40%), and 3rd a volatility indicator (30%) which combines the options
volatility spread of the ST SPX (VIX) to the ST VIX (VVIX) with the UVXY $ volume.
Update Alt, INT view. Bearish sentiment fell toward a weak Sell.
Update Alt EMA. Bearish sentiment fell to just above a weak Sell.
The ST Composite as a ST (1-4 week) indicator includes the NYSE volume ratio
indicator (NYDNV/NYUPV & NYDNV/NYDEC) and the UVXY $ Vol/[SPX Trend, SMA only]. Weights
are 80%/20%.
Update. Bearish sentiment remains near a weak Buy.
Update EMA. Bearish sentiment remains just below a weak Buy.
The ST VIX calls and SPXADP indicator bearish sentiment remains below
neutral.
The ST/INT Composite indicator (outlook 1 to 3 months) is based on the Hedge Spread (52%)
and includes ST Composite (12%) and three options FOMO indicators using SPX (12%),
ETF (12%), and Equity (12%) calls compared to the NY ADV/DEC issues (inverted). FOMO
is shown when strong call volume is combined with strong NY ADV/DEC. See
Investment Diary
addition for full discussion.
Update EMA. Bearish sentiment remains just below a weak Sell.
Update EMA. Bearish sentiment rose above a weak Sell.
Bonds (TNX). Bearish sentiment remains at low extremes.
For the INT outlook, the gold miners (HUI) bearish
sentiment is presented in a new format using the data mining software to add
the inverse TNX rate to the ETF ratio.
Update. Bearish sentiment remains at a strong Buy. Futures (GC)
remains a strong Sell.
II. Dumb Money/Smart Money Indicators
This is a new hybrid option/ETF Dumb Money/Smart Money Indicator as a INT/LT
term (outlook 2-6 mns) bearish sentiment indicator. The use of ETFs
increases the duration (term).
Update. Bearish sentiment rose back to a weak Sell.
With the sister options Hedge Spread as a ST/INT indicator
(outlook 1-3 mns), bearish sentiment rose slightly but remains near a weak
Sell.
A new composite SPX options indicator uses both the volume adj (1/B-A) and P/C
equivalent spread (A-B) to compensate for the discrepancy between the two.
This replaces the old SPX options indicator for the SPX ETFs + options below and the
INT/LT composite. No chart.
For the SPX, I am switching to hybrid 2X ETFs plus SPX options. Taking a look at the
INT term composite (outlook 2 to 4 mns), bearish sentiment rose closer to
neutral.
For the NDX combining the hybrid ETF options plus NDX 3X ETF sentiment with the interest rate effect,
(outlook 2 to 4 mns) bearish sentiment shows similar extremes between ETF and
options as in late 2020 which resulted in a choppy market until options
sentiment rose. Note QQQ options are optimal, but are N/A and are included
in ETF options.
Bearish sentiment fell closer to a weak Sell.
For the SPX combining the hybrid ETF options plus SPX 2X ETF (outlook 2 to 4 mns)
produces an indicator where, in this case, ETF options are a proxy for the SPY options.
Bearish sentiment fell to a weak Sell.
III. Options Open Interest
Using Thur closing OI, remember that further out time frames are more likely
to change over time, and that closing prices are more likely to be effected.
Delta hedging may occur as reinforcement, negative when put support is broken
or positive when call resistance is exceeded. This week I will look
out thru Feb 6. A text overlay is used for extreme OI to improve readability,
P/C is not changed.
A new addition is added for OI $ amounts with breakeven pts (BE) where
call & put $ amounts cross. Note multiply OI$ by 100 for shares/contract.
With Fri close at SPX 6939, options OI for Mon is moderate and bias is slightly
positive with a BE at 6945, but stronger put support is below 6850, while strong
call resistance is 6975-7000. Some volatility is possible between support
and resistance.
SPX options OI for Wed is small/moderate with stronger put support at 6875 and
6960 and BE at 6960.
SPX options OI for jobs data Fri is strong with support resistance/support at
6900/7000 straddle at 6950 should anchor prices with a positive bias to 6950-75.
SPX options OI for Fri mn opt exp is strong where the 7000 straddle is likely to
attract prices and BE is 6995.
SPX options OI for Fri EOM is moderate and similar to Jan EOM, weaker straddle
at 7000 shows lower targets at BE of 6950.
IV. Technical / Other
The following uses barcharts.com as a source and discusses S&P futures (ES) as a third
venue of stock sentiment in addition to options and ETFs. The non-commercial/commercial
spread represents a LT bearish sentiment (dumb money/smart money) indicator. As explained in investopedia,
commercial investors (red) are institutions and are smart money, while non-commercials (green) are speculators such as
hedge funds and are dumb money. Here is the current barchart graph
for the S&P 500 (top) and trader positions (1st bot) with positives as net longs and negatives
as net shorts.
Bearish sentiment is represented by the spread and is positive if red > green
(Buy) and negative if green > red (Sell). ES (SPX) sentiment remains neutral + .1 SD, NQ
(NDX) remains above a strong Sell at -1.75 SD, YM (DJIA) moved below neutral at
i .1 SD.
A quick look at gold (GC) remains a strong Sell at -2 SD.
Click dropdown list to select from the following options:
Tech / Other History
2025
2024
2023
2022
Other Indicators
Conclusions. BTC is crashing this weekend, now down about 7% and
may mean weakness for techs early in the week. The jobs report Fri should
be interesting as the initial claims continue to show little weakness and the
jobs market steady. The crash in the precious metals probably means the
end of the inflation trade for now. Stocks may hold up until Feb 20 optn
exp, but the next week sees the return of SCOTUS and NVDA EPS on the 25th,
Both may see and increase in volatility toward the EOM.
Weekly Trade Alert. Early weakness to SPX 6900 or lower is possible
early, but a return to the 6950 level looks likely by EOW.. Updates @mrktsignals.
