Most if not all of our stocks pick targets have been making new highs and we have been booking profits as we go higher. At these market levels it would not surprise us to see retail try to short it to only lead us higher as dip buyers have been rewarded for their bullish positions from stock buying or selling premium via put credit spreads, (if any can be found).
There is so much money sitting on the sideline waiting to buy a stock market breakout, hence a break out from current level can be very strong and would means another 25 handles in $SPX, which can take us up to 2367 area..thus far we will will continue look for buying opportunities on any pullback.
Here is the 60 minutes chart on ES
Open Interest for EOW3 expiration on Fri 2/17/17.
For Monday 13th these were, PCR: 2.724 (UP from 2.525) Change PCR executed at 10.385
For Tuesday 14th these were, PCR: 2.792 (UP from 2.724) Change PCR executed at 5.724
For Wednesday 15th, these are PCR: 2.893 (UP from 2.792) Change PCR executed at 4.732
