Last weeks pullback into the full moon was a great buying opportunity, as the chart below shows. This week is OPEX(options expiration). Will we pin the 1280 strike and a open gap there or the 1240 strike and an open gap? It looks like the market wants to break out of this 3 week consolidation. Until we do take out the 3 week highs or lows, look for more of the same. Watch the weekly and monthly pivots for support and resistance. Last week, the weekly R1 pivot was the high on SPY, DIA and QQQ, the weekly pp was support on last Wednesdays pullback.
