Thursday, June 23rd Market Preview
Current Positions:
- Scalped some SPX calls on the 373 break for a nice quick win at the open. This is the same setup I had on Tuesday
- Holding all cash heading into tomorrow.
What happened?
- Futures gapped down on a plethora of international news. UK reported high inflation, Canada reported high inflation, and Lithuania is at odds with Russia.
- JPow had a hearing with the Senate that started at the open. The market shook off the international news and started moving up and erased the losses from the bloodbath in futures.
- The close saw some intense selling in the last 5 minutes so it will be interesting if the futures hold that bearish trend.
What to Expect?
- PMI data in the morning. Not expecting much from this.
- JPow testifies the House Financial Committee at 10am. This will be a repeat of Wednesday's hearing, so I am not expecting much.
- Fri - Bullard speaks at 7:30am. Daly talks at 4pm.
What Do I Think?
- Technicals - We are not oversold on any major charts. Again, we are in no man's land. So it is time to keep an eye on Levels and Fibs.
- We still have a gap to fill up to 380 on SPY. It has been teasing getting to this level for the last few days.
- I am still bullish even with the sell off at the close. As long as we hold 373, I think it is safe for me to enter calls up until 377-378.
THE PLAY OF THE DAY
- This is a repeat of Wednesday's strategy.
- 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, 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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Bones Tradez
Created By: | Bones |
Created: | Mar 2, 2022 |
Total Followers: | 27 |
Twitter: | @BonesTradez |
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Options Trader - Not Financial Advise