Quick opinion – neutral..
The market needs to make a decision.. The daily has been choppy over the last week and maintains a very tight trading range. The good news is that we’re putting in higher lows (kinda). The trouble appears to be the 1200 range (SMA20). It’s obvious on the daily that this is the ceiling to break. If we get through, it could relieve some of that pressure and the market could make another quick run. However, SMA20 could prove to be too much and the this could be the near term top.. that’s why I’m neutral – prove to me one way or the other. Until then, I’ll limit the number of positions I take home at night.
The weekly isn’t as attractive as the daily and it will be important that we hold SMA10 (weekly).