The expiry day today was very non-volatile and kind of an anticlimax to the fears expresses by participants that the expiry will be at the lows of the series.
The OrderFlow on which we heavily rely to note the trend of the market printed us a buy call at 4674 today, just past noon.
In the trading room we have been carefully observing the value area being built yesterday and today between 4650 and 4700. Many times it is important to note what the market does in it’s time rather than clock time which we determine and impose on the market through our opens and closes. The rhythm of the market is best understood through buyer seller reactions and responses from prominent zones like the previous day’s Point of control and the day’s vwap.
Early this morning the POC pushed the market lower and kept resisting the market’s attempts to go higher early afternoon. But once it was crossed there was no looking back. A quick calculation of the value area meant that a break would give double value or another 55 points. So we had an intra target of approx 55 above POC which was where the market finally settled for the series.
