good value?, page-12

It is obvious the seller is a participant in the SPP as the SP finds support around 115c. My guess is that some of the instos found themselves overweight HST post the SPP and are hence selling down. But don't think they would be selling many below the 115c level. I expect the SP now churn between 110-120 for the next 4 weeks and then a rise into the results. The results will then set the direction for the SP after that.

Of course this is all academic if the US collapses again but somehow i doubt it, too many people expected the SP500 head&shoulder to break the neckline and look what happened.