Let's see what the chart says - 1. Gap over the daily SMA200. Talk about bullish! 2. Divergence reset. Now, there is room for more upside. There are very few instances on SPY daily where the divergence was broken and last time it happened, the upside was huge. I will post another chart to show where. 3. Volume is getting lower and lower. There are no sellers. Only buyers. Sellers are confident that they will get better prices than right now in the future. Whatever be the case, sellers have disappeared.
Takeaways - only trend traders (usually folks who are humble and don't hold opinions on whether the market is priced correctly) are making money. Those with opinions on market pricing, global economy, etc., are wiped out by now.
Next few days - VIX is likely to touch 20. That number is the "all clear" signal. I would watch for that number. This market is totally rigged and in the hands of market makers. I expect some selling here and there to get the VIX excited so MM can make some "real money". Buying stocks at high prices does not make you money. Not unless the Fed adds stock losses to it list for whitewashing.
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SPY wants to rise but futures may have a dip in store.
More like puts aren't squeezing. They're holding too. No one is moving their position.
azdevil
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@jfortier25, Dont know where you get that idea from.
frodo75
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@jfortier25, there is no bravado in holding on to their puts. If these fools closed, VIX would go down to 20 or lower. Then we will see market makers moving the price down to juice up VIX. Till those puts are open, markets makers are making real money on the time decay. There is no incentive to move the price down right now. If the market will not go down, it will go up.