T3 Live
Shares

T3’s Take 3: The Go-Nowhere Market Is Still Going Nowhere

Shares

1) Another Day, Another Yawn

I was really hoping that the Fed rate announcement and Dutch elections this week would spur some actual, real-life, lasting volatility.

But following Wednesday's post-Fed power rally, the market went right back into snooze mode.

The S&P 500 fell -0.1% to 2378.25, with the Nasdaq flat.

The Russell 2000 showed a little relative strength, which was nice to see. We also saw key large-cap tech stocks like Apple (AAPL) and nVidia (NVDA) rally intraday to finish near the highs of the day.

Regional banks (KRE), which have been key in the post-election rally, also made a nice move off its morning low.

2) Levels to Watch in SPX

This morning, T3 Live Chief Strategic Officer Scott Redler issued analysis of the S&P, saying the following:

“Watch 2370-2377. We need to hold above that. Otherwise, more choppy downside can happen.”

The S&P actually bottomed today at 2377.74, just missing Scott's key range that would indicate trouble is ahead.

So the bulls remain out of reach of the frustrated bears.

3) Quick Sentiment Update

In yesterday's Weekly Sentiment Update, I pointed out that the ISE Sentiment Index showed a huge surge in call options buying.

But call buyers backed off quickly today.

The ISE Sentiment Index fell to the low 70's, indicating that traders went right back to buying up puts in anticipation of downside..

Increased put buying is actually good for the bulls, because it indicates that traders are still somewhat nervous.

It's very rare for traders to be skittish at the top.

Leave a Comment: