MARKET TEMPERAMENT –
Volatility is spiking this morning – with implied volatility now close to 20 as a move upward is in progress up to resistance. Whether this spike evaporates or not remains to be seen. Fed Cahir Powell speaks today. The SPX spread expiring tomorrow is around 30 points wide at the 2705 strike leaving us 2735-2675 as traders creep to the upper edge of this region. A close today above 2726 will shift the balance short term into the hands of the buyers.
Our Metastock swing system, TARGET RICH TRADES confirmed a short Thursday with the failure of 2717 (the first bounce into resistance) and we were able to add to this price short in the premarket. We will not add to this swing short until we close another day below 2697 and will take some profit at the 2703.75 region. We have been able to do this yesterday as well. Crosscurrents are still evident so additions to short entries should be at bounce zones only. We are experiencing such a bounce today so the failure to breach 2737 will keep us on the right side of being able to add but we’ll need to wait for today’s behavior.
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