Outlook
We expected some turbulences after FOMC and it never happened. Anyways, our outlook is consistent from yesterday. The market will be grinding up.
SPY today
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| SPY 5m |
There were some selling BEFORE FOMC and those bearish positions eventually fueled the rally after FOMC. I don't like to bet against those events, but trading style is vary...
CVI/STVO/VTO and trends/overbought/oversold
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
CVI and STVO suggest more upside near term and VTO suggests further rally in mid-term. It seems scary to go long from here but that's the way how the market works.
SPY Options OI and Dollar Weighted Volume
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| SPY OI 03/18 |
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| SPY DWV 03/18 |
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| SPY DWV 03/24 |
It looks like there were a lot of PUT buying before FOMC. Are those put holders going to close their positions before expirations? If so, those would be tailwind for SPY longs.
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