A look at the SPX spread expiring tomorrow at the 2800 strike sits around 30 points at the 2800 strike leaving us 2830-2770 as we sit inside the lower edge. Deep moves yesterday under light volume suggest that we bounce right back into the levels we saw yesterday. A failure to hold the 2760 will send a bit of a shock wave to buyers and potentially watch sellers take control of sending us lower. That seems like the unlikely move as of this writing. Divergent action allows for potential big wicks and likely reversals. Traders are filling in thin volume profile regions. Markets remain very messy and are quite volatile. Please use caution with size.
Our Metastock Map for swing trades, TARGET RICH TRADES, is now looking at the lower high of 2803-2799.5 to reject and engage short on the swing. Divergence and defense of overnight lows tell us buyers still sit below. Here’s a link to the software
How about finally starting that trading journal?
You should – Here’s an easy way to keep track of your progress
PROTECTED DATA SITS BELOW –
IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN
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WEBINAR LINK LIVE FEED OF THE CHARTS BEGINNING AT 10:30am CENTRAL- Back to normal this week
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