SPY performed well today along with the market. SPY is the S&P500 ETF that you can trade and trade options on. I wasn’t sure yesterday which way the market will go. Will it, after having gone up on Friday, go down today? Or will it open green. So far the sentiment is bullish. Bouncing off of long time lows. S1 was the support point on the way down. On the way up, it would be resistane. it was breached and the candle held. So this should be a support point now. Next resistance using S&R lines would be R1. However, the trendline in blue on the top would be the next resistance probably.
RSI is positive, MACD is turning up and about to cross the trigger line. Is this is a buy signal? Well, I don’t know. But during the day this morning, the market had good signals.
Volume was very low earlier on the DOW, and by close it was high. On SPY the volume was average to high. This should mean good thing for tomorrow. Dec 87 calls that I’m holding in my practice account are only down $400 or so now.
The Fib retracement levels should also be a good point to use for trading.
This is the market recap for the day. Almost 400 points. That’s good. Now, if the 9K is reached, it might be good news soon.