The sideways pattern continues without a move of greater than 1% on a daily close basis for the SPX. The NDX is most bullish, and the RUT is most bearish.
Typically, this week is bearish - especially for the QQQ - until Friday. The SKEW is still high, at 137 today, so it supports that more volatility is ahead. This may only be intra-day moves however, like today, as the SPX is very stuck in a tight range between 2230 and 2280.
Volatility itself is low with the VIX marking 11.54. Today VXST did shoot up to 10.94, which puts it close to crossing above the VIX. If this happens, the market may actually begin a more serious pullback.
TRIN was more negative today, especially on the open. It was not excessively so, however.
I traded a short term NDX call spread that will expire this week. The 5130/5140 is placed just outside a 1 standard deviation move. I was able to get a credit averaging $1.01 for the spread. This should close solidly out of the money by Friday morning, but if we get an uptick I will move it out.
