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Financial market movements can be erratic on days when options and futures contracts expire, especially on Triple Witching Friday. Today is that day. Along with that, I want to point out a couple of 'Cracks' that may be appearing in various parts of the Markets. When cracks begin to show up, it is good to take note and use a little more caution, because the strength of what is supporting things may give way. Let's take a look...
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SPX - The SPX is at resistance, as mentioned in prior reports. I also said that it could get choppy from here...
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SPX - The SPX ran up to that resistance line and pulled back. I mentioned that this might become choppy in my last report. We'll see.
Read More Some of the trade set ups that we have been reviewing are resolving quickly to the upside, so it may require pouncing on the set up before it breaks out, and it also may involve jumping off of the trade or cashing in, before it pulls back. Well, that is if you are in it as a short term trade. Some can be held for longer periods of time and allow them to play out. We will discuss that at the end of the report. Let's review the markets.
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SPX - The SPX closed above the 10sma again, but it is also back in that resistance area. It got choppy here at the end of February, and that may happen again if it can't break through resistance. The MACD is not breaking as strongly as price- usually indicates short term choppy.
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