Model Update
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Equities (index) model will make the following adjustment at Wednesday’s close…
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Post-Expiration
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Monday is shaping up to be the 23rd time since 1990 that the S&P500 rallied 0.5%+ on ‘options expiration Friday’ as well as the following session.
Breadth Stays Weak
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Breadth on both the NYSE and NASDAQ was extremely weak for an ‘up day’ in the market.
Expiry Week Selloff
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VXO climbed 25% Wednesday to close at 19.29 and above its upper bollinger band, noteworthy given that
NASDAQ Breadth
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The Nasdaq100 just managed a higher close Monday despite the fact that twice as many stocks on the NASDAQ exchange closed lower.
Midpoint Study
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A bullish sign to see SPY close above its midpoint for an eighth consecutive session Monday.
Expiration Week
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Three consecutive up days heading into options expiration week typically leads to further upside, so a higher SPX today would be short-term bullish.
SPX vs. SOX
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Semiconductors down for a sixth day in a row, sending the SOX 2-day RSI into oversold territory under 2.0.
BKX Signal + VIX vs VXO
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Bank stocks as represented by the BKX rallied over 2% Friday.
New High Pre-Jobs + A Seasonal Headwind
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The S&P500 closed a fresh all-time high Thursday, setting the stage for a