A review of the SPX ATM spread expiring Friday at the 2790 strike has priced at 27 points leaving us 2817-2763. We are outside the range of yesterday’s pricing so we should fade off the high edges before buyers attempt another move forward. Yesterday’s motion could have been a little bit of a squeeze. First pass bounces should fade but rangebound behavior should prevail. Buyers showed up in droves after breaching 2761 – so that will be the support line in the sand today, should we move that much. We have quite a bit of economic news and releases that will give us some minor catalysts for motion. Divergent action still present so larger moves are quite possible regions. Markets remain volatile.
Our Metastock Map for swing trades, TARGET RICH TRADES, has engaged with the test and reversal off 2799. We are going to trade around this position until it gives us more traction to add to the short. Divergence and defense of overnight lows tell us buyers still sit below. Here’s a link to the software
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