ES Quick Weekend Review
I don’t have time for a full-fledged review like last weekend, but not too much has changed overall. There have been a few developments. One is two large and surprising DIX prints. GEX is considerably lower after OPEX.
Here are some good reads/views this weekend:
Helene always posts a lot of good things like the Citi Panic Euphoria on weekends:
Some great work posted from Jason and Troy at Sentimentrader.com in the last few days as always.
Overall, the Risk of holding a position through a weekend is higher than probably at any point in ES history. With some negative China news, I suspect many decided to exit longs/hedge in anticipation of a potentially negative response from Trump. With the strong DIX prints, the picture is still overall bullish with some things like the Fear and Greed index, recent P/C ratios, Dumb Money bullishness, Friday’s COT report as negatives. The negatives are not at extremes so the positives, IMO, outweigh the negatives. Still, the easiest money has already been made from here until we get a larger extreme on one side or the other.
The Options OI changed pretty dramatically. Now the average Max Pain level is higher by 1.38 points on SPY, from being 7 points lower last week. Short term is hard to predict, but I have a feeling this trip back below 3K will be short-lived.
