samosa 22:42 PM - Jul 04 2022

Tuesday, July 5th Market Preview

Current Positions and Plays:
  • I had swung a SPX call for a nice gain, and am now back to holding another call position overnight.
  • Holding SPX 3830 call for 07/14

What happened? 
  • The market had a nice spike to 380 near the open and dropped quickly to the high 373 area. That quickly found support and hung out at 376 for hours. 
  • We finally had a nice upward move in to the close to above 381. 
  • A good ol' fashion low volume, holiday weekend pump

What to Expect?
  • We have some landmines on Wednesday and Friday that we need to keep an eye on.  
  • Jobs Data on Wednesday
  • FOMC Minutes on Wednesday
  • Nonfarm payrolls data on Friday 

What Do I Think?
  • SPY Technicals - We are almost overbought on the 30 min and 1 hour timeframes, but not there yet. Neutral on the 4 hour and Daily charts. 
  • SPY Technicals - 380 level is a major Weekly Fib Level. That is THE level to watch. 
  • SPY Technicals - We got a few more Fib levels to keep an eye on from the 417 to 362 recent trend. 

  • With no pending economic data for Tuesday, it is back to playing the technicals and levels. 
  • I am in calls and will look for a 383.28 (Fib level) test. If we get that, I will sell my calls. 
  • It is all about the levels for me. 380 is a big level, if that breaks, we can look at puts possibly to the 373 level. 
  • A 385 break and I will look at calls until 390 (another Fib Level).
  • Pretty clear path here with these levels. 
  • As always all of this is my opinion and not financial advice. 

Levels I am Watching
  • $SPY - levels 373 > 376 > 380 > 383 > 385 > 390
  • 30 min chart with the levels I am looking at. 
Screen Shot 2022-07-04 at 10.42.08 PM.png 595.12 KB
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Bones Tradez

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