Hey folks, I have included a daily chart of the S&P E-Minis below for your review…as you can see, the markets had a strong bounce today but it is not time to pop the champagne cork and yell out the Bulls are back! As you can see, the markets fell hard down and found support right on the 200 day EMA before rebounding hard up today….looking at this chart you can see we have a good deal of overhead resistance with the physiological barrier at 13oo and the 50 day EMA…so stay nimble until we can determine if the markets can find the strength to move up and over these key resistance points….otherwise, just consider this move up and temporary thing (a dead cat bounce) and then a move lower will take over probably after this option expiration period ending this Friday…
As a reminder, we have our Monthly Saturday Session coming up this weekend and hopefully you can make it…we’re covering Covered Calls and one of our Members, Ted will demonstrate how he uses the Trade Finder tool in Option Vue to spot opportunities for him to trade.
Trade Smart — Not Often
hpb


Jim R.
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