The SP500 was driven by opts expiration and the 3100 strike as we noted the large 50k open interest there and the SPX cash closed below and most likely set off a slew of forced selling. Anyway we noted this level in our Early AM note and later in the day. Here is a quick update chart on the close. Now we know futures could open up 50 points higher on Sunday, but this close is notable as it trades below that all important 3064 Ledge which we also outlined earlier!
Sep SP Close a Disaster!
The SP500 was driven by opts expiration and the 3100 strike as we noted the large 50k open interest there and the SPX cash closed below and most likely set off a slew of forced selling. Anyway we noted this level in our Early AM note and later in the day. Here is a quick update chart on the close. Now we know futures could open up 50 points higher on Sunday, but this close is notable as it trades below that all important 3064 Ledge which we also outlined earlier!
-Magneilbra Econemotions