As expected, SPX did make a new all-time high today but barely. It was actually a pretty volatile day with SPX having about a 100 point range. We saw a swift and sharp sell off followed by an equally swift and sharp recovery. Ultimately SPX did close down on the day, but not by a lot.

SPX made a new all-time high by just a few pennies today. The previous all-time high from last Friday was at 7147.52 and today we hit 7147.78 – technically a new high.

The daily candle today is strange, with a very long tail at the bottom that actually made a new low for the week, and a smaller wick on top that made a new all-time high. It’s not too often that we see the high for the week and the low for the week on the same candle. Today was unique in many ways.

SPX has actually been hovering around the unchanged mark for the entire week. Yesterday we were up 10 points on the week, today we are down 20 for the week. Basically, the market has gone no where even though we’ve seen some pretty big swings – including a 100 point swing today.

The feeling last week was that exhaustion was around the corner and the market just had to take a breather. This week has proven to be that even though it hasn’t really felt that way at times. Yesterday SPX rallied over 70 points and today we saw SPX drop 100 points in just a few minutes. The move we are seeing are just unreal, especially with VIX closing under 20 once again.

I actually want to change it up a little today and post the short term chart of /ES rather than SPX. They look nearly identical, obviously, but of course /ES has all the after hour activities. Surprisingly, even the after hour price action has respected the range that we have been stuck inside. The red lines denote the range for the week and we now have 3 touches on either side.

I suppose the playbook is obvious. Short at one red line, and buy at the other. It’s worked all week. Let’s see if we ping pong between them again tomorrow. For /ES, that key level is around 7185. On SPX, it’s around 7145.

This week has gone everywhere but no where. It should be a fun finish tomorrow.

Good luck!