Been building a good base at 45500... Thought we would take out this 47k level with ease.... Subsequent to this bullish move over the past few day's we note end -users sellers of ALSI 48k covered calls to Mar'19 in decent size.... trading at 20v... So market going to be long gamma at this level... 47k also getting slammed over the past few days trading as low as 20.00v... I'm of the view that we possibly see a move back towards the 45000 / 45500 levels just to test this support again!
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Testing 47k again , still need to see a clear break. Implied volatility however keeps trading lower.... end-users selling strike at 20.40v
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Top40 Index - Resistance broken to the upside.. Expect some consolidation around the 47200 / 47700 levels to re-affirm upside towards the 50 000 levels