Good morning traders, welcome to a new week.
First thing I noticed today was how low the volume is overnight. Whenever we see RelVol in the neighborhood of 50-60% that tells us there are no big players present currently.
The lack of a big player means more likely a mean reverting type of move today, with a slight edge to the buyers (drift higher).
Options data is also leaning towards a range bound, slow moving market.
When we piece it all together, to me, it looks like a very boring days near all time highs again. Not what we want to see, but predicable nonetheless.
First thing I noticed today was how low the volume is overnight. Whenever we see RelVol in the neighborhood of 50-60% that tells us there are no big players present currently.
The lack of a big player means more likely a mean reverting type of move today, with a slight edge to the buyers (drift higher).
Options data is also leaning towards a range bound, slow moving market.
When we piece it all together, to me, it looks like a very boring days near all time highs again. Not what we want to see, but predicable nonetheless.