This is Friday’s volatility spread on 5 minute bars with SPY as the background focus ETF in the shaded area. The short term Prognosticator for SPY picked up into the close with some of the big caps like WMT (reporting earnings on Tuesday) running up a full 1% or more. On 1 hour bars the prognosis for SPY doesn’t look quite as cheery but this week is punctuated by 4 straight days of POMO, with biggies on Tues, Thurs and Friday so, all things being equal, the uptrend will stay intact. Geo-political risks continue to fester in the Middle East and oil looks like a no brainer as the talking heads predict $5 gas to be just a riot away.
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