Late in the day Monday to mid day Tuesday time runs out on the weekly up cycle and turns to down cycle for options expiration week. This weeks projections give us a shorting into window of 1487 to 1512 for the cash index. Support for the week runs from 1462 to 1437. This should be a wild ride week with FOMC policy and options expiration to create volatility. Even though the odds are with the August 16th low being a multi month low we still have the seasonal danger of an October surprise to deal with. We are long from 1430/1450 with a 1406 as the stop for long term investors looking for a 10% rally if the October surprise does not stop us out.
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