HAL9000
Long

SPX Turnaround?

SP:SPX   S&P 500 Index
Yesterday’s session was interesting for multiple reasons. Firstly the S&P configuration: Opening above the previous historic high but slowly eroding intraday from that new top, to end below the previous close in above average volume . Secondly, the technicals on the index suggest a reversal could be at play from a very high RSI above 80 (overbought). Thirdly, the VIX was up more than 21% intraday and 15% at the close. And finally, it seems options on major indexes saw a significant surge in traded volume yesterday (2x average). Could it be that fear is gripping the market ahead of a potential US budget shutdown? Or will there be a continuation in the current trend after the usual one-day breather? We will need confirmation over the next couple of sessions before we can definitively conclude, but Futures suggest a rebound today. The main trend remains upwards, and I remain long the market but mindful of a potential correction to come.
Comment: I would like to see the SPX close above its recent intraday high of 2807.54. The market has now attempted twice to break this level without success. It is unlikely to do so on a Friday before a potential government budget shutdown.
Comment: The S&P did end up closing above its intraday high on Friday on slightly above average volume... There is no stopping this uptrend, it seems.
Trade closed: stop reached
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