samosa 08:18 AM - Jul 08 2022

Friday, July 8th Market Preview

Current Positions and Plays:
  • I scalped SPX calls for a nice profit. I gave some profit back with a put lotto at the end of the day. 
  • Holding all cash heading into tomorrow. 

What happened? 
  • The market just slowly grinded up all day. Opened up above 385 and just slowly moved all the way to the 389. This was a pure algo technical move. 

What to Expect?
  • Nonfarm payrolls data on Friday at 8:30am.  This will move the markets

What Do I Think?
  • SPY Technicals - We are almost overbought on the 30 min and 1 hour charts. The 4 hour and daily remains neutral.
  • SPY Technicals - 380 level is a major Weekly Fib Level. That is still THE level to watch. As long as we stay above this level, bulls are safe. 
  • SPY Technicals - We got a few more Fib levels to keep an eye on from the 417 to 362 recent trend. The one now in play is 389.81
  • Jobs Data will be important to watch. Below are the scenarios I am looking for. 

  • Scenario 1: Nonfarm Payroll data comes in with slight losses in jobs, then the market moves upward. Looking at a 390 break and a march to 400. 
  • Scenario 2: Nonfarm Payroll data comes in with more jobs created, then the market moves downward. Looking at a drop back to 383 and possibly 380.
  • Good news = bad news for Wall Street. The Fed is the fear and with a strong economy, that means the market is not responding to the Fed's tightening measures so they will need to be more aggressive. 
  • As always all of this is my opinion and not financial advice. 

Levels I am Watching
  • $SPY - levels 376 > 380 > 383 > 385 > 389.39 > 395 > 400
Login to join the discussion!


No comments have been made for Friday, July 8th Market Preview. Be the first!

Bones Tradez

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