samosa 22:28 PM - Jul 05 2022

Wednesday, July 6th Market Preview

Current Positions and Plays:
  • I got very fortunate with my SPX call to finish the day green. I was way under water on it at the open and averaged down at the 373.80 level. It ended up paying off. 
  • Holding SPX 3835 call for 07/14

What happened? 
  • The market gapped down to 376 at the open and dropped all the way to 373 level. This drop was due to the DXY roaring up and Oil dropping as well. 
  • The market found support at 373 and rocketed up in the second half of the day to close above 381. Tech carried the markets today. 

What to Expect?
  • Jobs Data on Wednesday
  • FOMC Minutes on Wednesday
  • Nonfarm payrolls data on Friday 

What Do I Think?
  • SPY Technicals - We are neutral on all the major 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. 
  • FOMC Minutes - We will get some bearish sentiment from these minutes, but I am not sure any new information will be presented. So I am not expecting much negative impact out of the FOMC minutes. 

  • I am in calls and will look for a 383.28 (Fib level) test. I am hoping for a gap up over that, but if we don't get that in the futures, then I will look to sell my calls at this initial test if it comes. 
  • 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 again. 
  • A 385 break and I will look at calls until 390 (another Fib Level).
  • As always all of this is my opinion and not financial advice. 

Levels I am Watching
  • $SPY - levels 373 > 376 > 380 > 383 > 385 > 390
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Maverick - 1 year ago
Stop holding overnight, you mad man.

Bones Tradez

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