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Monday, January 14, 2019

Daily update 1/14 SPY option data

A third gap down in a row and a third day the dip buyers showed up and kept SPY above the open at the close.

The dip buyers were not strong enough to close SPX green.  Breadth was -63%.  New highs slipped a bit to 11.  New lows picked up a bit to 23.  Resistance continues to hold.

The futures continued the consolidation below the 100 SMA today.  After hours they have popped above that MA.  I don't know if they will still be there in the morning.  There is clear resistance in this area.  However, there has not been much interest in selling into weakness.  Until that changes the market isn't going to head south very far.  On the other hand, it is difficult to say whether the market will be able to push through this resistance area.

The green count has dropped slightly, but remains overbought.

There is no option related resistance in sight.  The number of calls is rather low this month.  The 250 level is the only real option support.

The market continues to consolidate.  I don't believe the current resistance is option related.  It remains to be seen whether this is a pause to go higher or a short term top.  This week's earnings reports could provide the resolution one way or the other.


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