samosa 23:24 PM - Aug 28 2022

Monday, August 29th Market Preview

What Happened? - 

  • Heading into Friday, the big question that everyone was asking for weeks was the Fed still feared and did JPow have the power still to move the markets down. Well, we got our answer after just an 8 minute speech from JPow took the market from 420 to 405 in one trading day. 
  • The tide has certainly shifted and there is bearish sentiment all over the place. 

What to Expect on this Week (all times are EST)?

  • To see all the events, check out our new Calendar page!
  • Monday - Brainard Speech at 2:15pm.
  • Tuesday - JOLTS Jobs Opening at 10am
  • Wednesday - EU Inflation Data at 5am (DXY implications)
  • Thursday - No major events to me
  • Friday - Major Jobs Data at 8:30am - This is the market moving event

Current Positions and Plays:

  • I completely messed up my straddle play on Friday. Got myself in a hole, but fought my way out of it. Best thing I could have was nothing. 
  • I am holding a SPX put over the weekend and plan on selling it at the open on Monday. 

What Do I Think?

  • SPY Technicals - We are now oversold on the 30 min chart and 1 hour chart. The 4 hour is just above oversold and daily is neutral. 
  • SPY Fibs for ATH to 2022 low - 421 is the .50 and 435 is the .618. 
  • SPY Fibs for COVID low to ATH - 418 is the .236.
  • SPY is approaching the key 400 level. I expect a bounce/ consolidation at that or 396.
  • If we consolidate near 396, I am thinking we could see a flush down eventually. 
  • If we bounce off of 396, I could see a test 410. 

  • QQQ Technicals - We are now overbought on the 30 min chart, and slightly under overbought on the 1 hour chart. The 4 hour and daily are neutral. 
  • QQQ Fibs for ATH to 2022 low - 339 is the .50 and 322.54 is the .382. 
  • QQQ Fibs for COVID low to ATH - 315.59 is the .618. Looking at this as support.
  • QQQ is approaching the key 300 level. I expect a bounce/ consolidation at that level


  • Scenario 1: We test 400. I will sell my puts and sit back and see what the charts do. If we break under and test 396, I am again sitting tight and seeing what the chart will do. 
  • Scenario 2: We never test 400. I will wait and see how high we can get and fade the rip. I know we are testing 400 eventually. 
  • NOTE: I am turning into a swing trader for various reasons, so please keep that in mind moving forward. My options plays will be always a few weeks out because of this. 
  • This is not financial advice

Levels I am Watching

  • $SPY - levels 390 > 393 > 396 > 400 > 404.40 > 408 > 410 > 413
  • $QQQ - levels 290 > 293 > 296 > 300 > 302 > 308 > 313 > 318 > 320
Login to join the discussion!


No comments have been made for Monday, August 29th 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!