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.
THE PLAYS OF THE DAY
- 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
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Bones Tradez
Created By: | Bones |
Created: | Mar 2, 2022 |
Total Followers: | 27 |
Twitter: | @BonesTradez |
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Options Trader - Not Financial Advise