samosa 22:02 PM - Jun 22 2022

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.

  • 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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Maverick - 1 year ago
Sit back and wait.  This is the plan.

Bones Tradez

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