S&P 500 ready to cross resistance in Option Expiry week?

S&P 500 is looking @ resistance of 1374.81.....

CMF in indices are :

DOW +0.222

S&P 500 +0.317

Nasdaq +0.357

Money flow has been steady & trending UP, this shows accumulation.

I personally believe that resistance of 1374.81 will be taken out.....

Next target will be 1400 area......

This week is Option Expiry week, where bets are made to keep S&P 500 between 1350 to 1370......

Based on Option bets, it may not be a far fetched idea that by Friday we may be hovering around 1370 area....thanks to MM positioning.

Once we cross 1400 area then next resistance is 1415.82, after that 1422.38....

As earning season is starting, expectations are very low & even below expectation results may be condoned......

Earning season reactions depends on how high we have come in market & expectations, this time around it is highly discounted......it will be wise to wait for next day close to gauge real reaction to earnings.

As markets have decidedly moved up last Friday, it will be nice to see confirmation this week.

SO ..fasten your seat belt, as ride may be bumpy due to Option Expiry.

Good luck with your strategy.

BLOG does NOT give buy or sell.

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