samosa 21:25 PM - Jun 21 2022

Wednesday, June 22nd Market Preview

Current Positions:
  • Scalped some SPX calls on the 373 break for a nice quick win at the open. 
  • Holding all cash heading into tomorrow. 

What happened? 
  • Futures gapped up and we held the gap all day. A lot of chop all day and we honored the 373 and 377 levels well. 
  • All the gains were mostly in futures so overall a pretty boring regular market session. 
  • Oil started to move upward again. Keep an eye on this...

What to Expect?
  • No major fed data events until PMI on Thursday.
  • Wed - JPow testifies to the Senate banking committee at 9:30. Bullard talks at 12:50. 
  • Thurs - JPow testifies the House Financial Committee at 10am.
  • Fri - Bullard speaks at 7:30am. Daly talks at 4pm.

What Do I Think?
  • Technicals - We are not oversold on any major charts. We are in no man's land. So it is time to keep an eye on Levels and Fibs. 
  • As long as JPow keeps a hawkish tone, the market should stay strong. If he starts to sound dovish, the market will get spooked again that he is not serious about inflation and will sell off. 
  • We have a gap to fill up to 380 on SPY. It looks like we may test that level soon.
  • After JPow's testimony, I do expect us to start to grind a bit. So I am looking possible swing positions with these options. It will just be too difficult to get to the levels on the chart in one session. I will start to be a little more loose with my plays to allow them to play out over the course of a few days.

  • I will be on the sidelines until JPow gets about 50% done with his hearing. So that will take me out for the first half of the day. 
  • If we retest 373, I will keep an eye on how it reacts to it. I am still bullish until 380 is met, so I will most likely play calls if 373 holds. 
  • If we break under 370, and it is because JPow moved us there, I will be playing puts as we should slowly bleed out. 
  • As always all of this is my opinion and not financial advice. 

Levels I am Watching
  • $SPY - levels 363 > 365> 368 > 370 > 373 > 375 > 377 > 380
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Maverick - 1 year ago
Futures look to take you under 370 by the open.  It'd be a spicy bet to take calls out before JPow though.

I'm all over some 363/368 action though.

Bones Tradez

Created By: Bones
Created: Mar 2, 2022
Total Followers: 27
Twitter: @BonesTradez
Options Trader - Not Financial Advise
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