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Seth Golden posted an update 4 years, 9 months ago
s we mentioned in last Sunday’s weekly Research Report, the most likely outcome for SPX this week was another leg higher. Breadth was strong, seasonality proves relevant, gamma exposure was extremely bullish & pension fund rebalancing would offset tax-loss selling. Hence, another 1.7% higher in the S&P 500. Clearly, investors are willing to buy at all-time highs but not without a degree of protections as the VIX only fell .12% on the week, preparation for… well it doesnt really matter as it’s not a matter of when the overhead pressure is relieved, but when. As such, we look forward to those probabilities which are likely to prove another “buy the dip” opportunity. As shown in last weekend’s chart of SPX, the most near-term price gaps remain open at 3,119 and 3,094. I would be of the opinion these gaps get filed in the Q1 period, as primaries offer a reasonable excuse for profit taking. We’ll see! Most importantly is to be aware of probabilities. https://www.finomgroup.com/geopolitical-risks-abate-at-year-end-sideways-higher-or-lower-from-here/
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