To recap our Last update from January 9th:
Net dollar values are very curious last time we had a D/U ratio of 0.929 combined with a Moores’ 2C-P of 71.20 TNA went from 91 to 107.20. Last value recorded on Friday, January 6th, was 0.893 and current Moores’ 2C-P is 71.10. This means that if prices holds above 100.25 and manage to climb above 105.45 chart here (link) we can be optimistic on TNA.
Current update
I would like to have something different to say about markets, but aside that repeating that it is contained on a tight range, there is no more we could add.
Within this tight range traders are losing their minds and getting incredibly bearish; adding huge amounts of puts per day. For this week we have 104,415 calls expiring versus 262,571 puts expiring. For next week 333,668 calls expiring versus 665,821 puts.
Cyclical analysis changed and now is bullish only into the 13th.
From Leov Valencia the expert from Gamma optimizer: Interesting close today, exactly 0.0 difference, today never happened. I know that the bullish thesis took a small beating today but hopefully you were able to scalp the vertical spread we had before the collapse. It does look like that 2300 barrier will take a bit longer to be conquered, but many different signs still point to that level as something that should be achievable in the near term.
Based on EW analysis TNA ideally should hit 105.21 or 1.764 extension, here (link) and with serious continuation above this level we could consider bottom is in for TNA; we plan to unload some positions at 104.90-105.21, evidently TNA needs to go above 108 to negate what certainly can be labeled as five down, but there you have it, we have gone long on any retest of the 100-101 support range. Stops on longs should be adjusted now to 100.08.
