A review of the SPX ATM spread expiring Friday at the 2790 strike has priced at 22 points leaving us 2812-2768. We should fade off the high edges of this range before buyers attempt another move forward- as yesterday. Resistance should send sellers pushing price into higher support fade that can prevail. Buyers showed up to hold 2791 yesterday – so that will be the support line in the sand today. Markets remain volatile.
Our Metastock Map for swing trades, TARGET RICH TRADES, has engaged with the test and reversal off 2799. We will add to this position if we test 2807. The stop will be 2813.5 We are going to trade around this position until it gives us more traction to add to the short. Near term supports sit at 2791 and 2786, our initial targets Divergence and defense of recenlows tell us buyers still sit below. Here’s a link to the software
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