Oh that song was just a nod to the Santa Clara Valley - current...

Oh that song was just a nod to the Santa Clara Valley - current home stock market stability.  Sorry @peejayhercules, I didn't explain myself I'm a bit blurry this time of the day. I meant I can relate to South Asian life and film. But yes watching those fires out west where they really can't afford another hit even with AAPL at 2T.  Checking out the Arctic blob and praying you don't get any more natural or man-made challenges of your own this summer.

Hi @golden6, imo you're right to be cautious.  I was a bit surprised at XSO today. Thursday's US action had an even more choreographed feel to it than usual.  The rebound from the overnight ES low of 3344.75 to the rth high of 3387 was built on less than sufficient NYSE internals -- negative tick distribution and moderately negative advance-decline lines and breadth.  It was fueled almost exclusively by the heavyweight tech names again, which have been taking a large share of the NYSE MOC auction which came in with a sell of -2.2B at Thursday's close.  ES futures could not stay out of last week's balance area between 3350 and 3380 and that meant a trip to the bottom of that area in the regular trading hours session.  But FAANG+ persisted and we were left with a volume point of control about midway through what is really a ragtag looking profile with a settlement at 3381 on an SPX finish of 3385.51.

Going into today's monthly expiration, this week's resistance is now SPX 3400 after looking like 3420 at mid-week. Initial downside initial support is 3350 and bulls want to see 3300 hold firm as a drop below would mean the market falls out of this mean-reverting grind higher. Think of that in a vacuum without any exogenous inputs in the form of headlines or what have you.   We are still prone to fast breaks lower and most of the action is in the large tech names.  That support is just below the SPX 20 day moving average, but traders should watch NYSE internals and participation if putting any money to work on the long side if that were to be tested in the near future