This a follow-up to my last post. Strong seasonality along with heavy put buying has helped this market drift higher.
JPM Hedge Collar drawdown seems less likely. As long as no shock factors happen, I see 4800 by year end.
After this strong week, I see some consolidation happening before the next pushes up. First resistance is the ATH, I can see it blowing right past it on its way to 4800.
Levels are previous resistance which now serve as support. Some stronger than others.
When the market is moving like it is and traders keep thinking "this can't keep going higher". Put buying ends up increasing which causes market makers to buy more to hedge, in essence it adds fuel to the rocket fire. I can see this continuing after a brief cooldown period on Monday.
Happy Holidays!
JPM Hedge Collar drawdown seems less likely. As long as no shock factors happen, I see 4800 by year end.
After this strong week, I see some consolidation happening before the next pushes up. First resistance is the ATH, I can see it blowing right past it on its way to 4800.
Levels are previous resistance which now serve as support. Some stronger than others.
When the market is moving like it is and traders keep thinking "this can't keep going higher". Put buying ends up increasing which causes market makers to buy more to hedge, in essence it adds fuel to the rocket fire. I can see this continuing after a brief cooldown period on Monday.
Happy Holidays!
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