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SPY $500 In Sight
www.oneoption.com
The news is light and this psychological level will act as a magnet. Day trade from the long side, but keep your swing trades light. The market is due to compress or dip.
PRE-OPEN MARKET COMMENTS THURSDAY – The SPY is within striking distance of $500 and it wants to go there. The news is light so there is nothing to stand in the way. That is a psychological resistance level and after a big rally the market is due for a pause.
I am bullish, I just feel that I can capture the rest of the remaining upside day trading. I don’t feel we have much farther to run before the market compresses or dips. Not loading up on swing trades provides me with flexibility and clarity. When I see the compression or the dip, I will know how aggressive buyers are and then I will form a game plan.
Down opens are the best scenario. That gives us time to evaluate the action, relative strength is easier to find and when support is established, we have a better entry price and we are joining the longer term up trend.
Gaps up from this point will be risky. The market has run far and the odds of a gap reversal are high at this level after a big move. Make triple sure the gap holds before trying longs.
Initial jobless claims were a little higher last week, but they are right back down this morning.
Support is at SPY $490 and resistance is at $500.
Content is provided by OneOption, LLC, which has no affiliation with Regal Securities, Inc. (“Regal”) This commentary is provided for information purposes only, and is not a recommendation, offer or solicitation by Regal to buy or sell securities or to adopt any investment strategy. Regal has not participated in the creation of the OneOption content and does not directly or indirectly endorse the content. Any reliance on this material is at the sole discretion of the reader.