This looks like a beautiful capitulation into the OPEX. Capitulations don't end moves , so expect a bounce followed by a Retest with likely lower prices.
The Vix is already showing higher levels...
Our Bias Chart shows how textbook-like the OPEX was played this May 2010. Occasionally when we see spikes into the OPEX it is not unusual to see some carry over effects (for example see (1) from the last cycle) into the first 2 weeks of the subsequent OPEX cycle , which could project further weakness up into early June.
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