So in a previous view point 9, which was highlighted in the "Almost done with a full re-run" related view as a pivot, is broken down and, for now, it looks like 195 gap close might be a temporary bottom.
I have aligned the PA clone from last year with the 195 gap close and this view is the result.
Is the market ...
On the chart i have drawn the linear regression for the time frame (TF) 360, 180, 90 and 30 days (12, 6, 3 and 1 month respectively).
12 months: bullish
6 months: bearish
3 months: bullish
1 month: bearish
a.k.a. mixed signals.
Looking at the linear regressions, i think we'll see a relatively neutral, range ...
SPY's max pain option expiration (opex) path until Feb Monthly.
Something to take note of is that Dec '15 opex closed well below max pain which might've been caused by delta hedging (and SPY trading ex-div). It's possible that further delta hedging the coming weeks puts selling pressure on the markets.
So we scalped here and there, but took no serious positions in this :poop: show of an index lately. We've adjusted the support of the broadening top from our previous view (see related) a bit down after what seems to be either a bottom or a dead cat bounce. Same rules apply.
Whatever is happening here, we're going ...