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Waiting Is the Hardest Part
www.oneoption.com
The market has been trapped in a range for over three months and there is no catalyst in sight.
PRE-OPEN MARKET COMMENTS MONDAY – The market made a new all-time closing high on Wednesday and Thursday it gave all of those gains back. The market did find support yesterday and buyers are marginally engaged. Now that support has been confirmed we could float higher today.
The volume is light and the price action is choppy. This is a low probability trading environment. Earnings season is winding down and the next big economic release is in a week (second look at Q4 GDP).
I don’t have much more to add. Global markets had nice gains so there is some upside impetus this morning. The ideal set-up would be a brief dip on the open to test the bid once more. That would give us time to identify relative strength. Unfortunately, I don’t think we are going to see that. A gradual grind higher is more likely given the overnight global markets and the confirmation of support yesterday.
I am still sidelined for longer-term swing trades. Overnights are fine. For day trading you can trade from either side. It’s all about the stock. If you don’t have excellent volume, you have no trade. Look for stocks that are breaking out and that have nice, tight gradual trends. If the first SPY move of the day is wimpy, I like trading the first contra move.
Support is the low from yesterday and resistance is at SPY $613. The open from yesterday is minor resistance ($611.55).
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