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22:02 PM - Jun 22 2022
Thursday, June 23rd Market Preview
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.
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
- levels 363 > 365> 368 > 370 > 373 > 375 > 377 > 380
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1 year ago
Sit back and wait. This is the plan.
Mar 2, 2022
Options Trader - Not Financial Advise
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