Trader Dave ES Update #Technical Analysis #S&P500 #OptionsExpiration

Contributor

Wed, Mar 15, 2017, 7:30 AM

Here are the last 7 March Quad Witching Days.

The only poor showing for the expiration week was March 2011 when Japan was having a Nuclear Meltdown at Fukushima. All the others showed strength into at least early Friday of Expiration week.

Call writers likely remain vulnerable since we are currently higher than the last three monthly expirations.

As you can see the weeks after the Quad Witch can be down and would not surprise me again this year.

The market held 2350 on several attempts lower and we breached the 20 day moving average on the downside that we were looking for. We have been going sideways to down the last 9 trading days and may be enough of base to get us back up to the top end of the range near 2400.

The sentiment indicators worked off their overbought levels somewhat and the Daily Stochastic is back under 50.

Minimum target remains 2390 but 2410 is possible in the next several days.

We rallied several days into the December Fed hike that was on December 14th on the left of the first chart and then sold off. This time we are selling off into the fed hike which may help provide a mkt bid.

Current SP 500 Cash