Will Price Reset Lower & Then Rally Into OPEX Week?
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Internal indicators, including our Micro 1 and 2, plus options data, are all on the buy side now. However, the Odds Indicator is on the sell side. Which way will this resolve?
Usually when the Odds indicator holds on like this, we get a reset lower eventually. And with an additional smaller timeframe indicator triggering on Friday, it is suggesting we get a pullback very soon targeting somewhere in the 3800/3750 area on the Emini S&P 500 (ES).
Once there, we have to see if any buy signal sets up for another move higher OR if that support area at 3750 is broken for a retest of the lows near 3600.
This coming week Wednesday is WWW -- the Wednesday of the week before OPEX week. Usually we see some kind of price reset lower which sets up a rally into OPEX week which is the third week of the month. Let us see if the same pattern sets itself up this month as well.
