Stock Market Day Ahead - October 18, 2022 - SPY 360/375 range; it’s up to the bulls with these earnings and no economic events….
What Happened Today (Monday)
- SPY traded ~364 - 368
- Futures soaked up majority of gains today, there was little to be had in normal session; it rode VWAP all day
- It was due for a bounce after Friday’s whipsaw, as Sunday technical section noted
Thoughts - Technicals (Latest):
- SPY levels: 350, 355, 358, 363, 373, 380
- Chart - Weekly: Bearish - trend down continue…we know where we’re going…but it does look due to a bounce this week.
- Chart - Daily: Neutral - mixed chart at best. MACD is looking both ways confused.
- Chart - 4h: Neutral - lean bullish for this week
Looking Ahead (Tuesday-Friday)
- There isn’t really much to say for rest of week. I had a pretty good brain dump on Sunday’s Week Ahead - be sure to read that - https://stonks.chat/symbol/SPY/posts/281
- Technicals above are from Sunday as well - no change there and so far, playing out nicely one day in.
- This looks like a week or so for the bulls if no ‘shock and awe’ earnings surprises - even bad is probably okay
- I wanted to hold calls overnight so bad, I was biting my arm off, but stayed on sidelines because overnights have been crazy volatile lately. 370 in afterhours already. 😭
SPY | SPX Trading Plans (This Week)
- Very lightly - will continue to trade Oct 31 SPX calls - but always being out by EOD. The surprise/energy is to upside this week.
- I’ll be building up my Nov 31 SPX 3550p position starting at 370, 373, 380
SPDR S&P 500 - SPY
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