Watch Out for the Danger Zone ES

So it looks like we did the proper correction overnight, well not really proper, but what was expected at least. I am thinking one of two things: 1) either this is held and we shoot up because of OPEX or 2) we head down to that 3730s (or lower potentially to 3718 but not as likely. Either way I would expect the usual OPEX Friday where we head down until about 11am or noon so everyone can close their puts, and then we turn on thrusters so everyone can close their calls up to end. A lot of money behind that so it's hard to imagine going much lower.

Prediction for today is 3795, maybe 3800. Next week, still anticipating a bit of upward movement to 3820s. It will certainly be interesting and probably a lot of whipsaw, so be careful in that danger zone area as soon as we approach that. There will obviously be people who bought up there at those prices looking to sell and cash out when they realize they might have made a mistake (resistance).

Have a great holiday weekend; hopefully nothing insane happens like it has been.

Comment:

yes indeed!