Expiration Friday

Yesterdays trend down day threw a curve ball to the normally bullish expiration week as bad economic news accompanied with an oversold daily CCT provided the bears fuel. The daily CCT registered a net -17 instances of institutional sell programs which is the highest daily total on the downside that we have had in quite some time. Trading in the overnight session has followed the typical post trend day pattern with a lower low and a lower high, the next obvious support area for the bulls to hold would be the 1060 area on the S&P futures. Be careful today as the market swings can be severe in both directions due to expiration influences. We should have a lot more clarity come Tuesday of next week. Have a nice weekend!