So the EU made an historic change to its treaty to allow for more fiscal integration. Futures are yawning. Today has the feeling of a pop and a fizzle.
Yesterday afternoon's 1264.40 high seemed to be the target in the overnight session. We'll see if it can be hit in broad daylight. I have some SPY 125 calls to let go there.
If 1264.40 can't be retaken, the market will probably fizzle out and test 1225 or 1200. I'd rather be a buyer there than here.
I still look for highs above 1292.66 at some point. But today, market participants will likely be under the influence of tomorrow's full moon and total lunar eclipse. The way I see it is that yesterday's trend is down and may continue into the end of the day due to the pull of the moon.
This is outlandish only if you're unaware of how powerful the moon is. But I know you understand.
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