Wednesday, January 3, 2024

SPX Update: New Year, New Options

I said I'd "likely return on the 3rd," so here I am -- though I still have relatives in town for a few more days and have weird "drive us to the airport" hours to contend with on Friday/Saturday, so the next update after this will be on Monday.

Despite my holiday break, the market has moved surprisingly little in absolute terms since last update, so we're just going to look at one chart today, because it's probably the most relevant chart going right now:

In conclusion, SPX has captured its old June "bull count" target, which does open up options from here.  It's a bit early to say whether bears will actually capitalize on those options yet or not, but at least they finally have some again.  

I wish everyone a safe and prosperous New Year.  Trade safe.

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