Traders Corner   10 comments

The S&P 500 levels to watch today:

UPSIDE: 1924 (May’s high), 1927 (August 6th’s high), 1930 (July’s low), 1936-1937 (2 data points), 1955 (50 day moving average), 1963 (20 day moving average), 1968 (June’s high), 1991 (July’s high and the all-time high), and 2007 (top of the Bollinger Bands).
LAST CLOSE: 1920.
DOWNSIDE: 1921 (August 4th’s low), 1918 (bottom of the Bollinger Bands), 1916 (August 1st’s low), 1913 (August 5th’s low and the 100 day moving average), 1911 (August 6th’s low), and 1885 (150 day moving average).

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral (leaning oversold)
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral (leaning oversold)
S&P 500 Futures: Leaning positive
Overall: Yesterday didn’t happen as far as the technicals were concerned, although the McClellan Oscillator is back above oversold territory now (just barely). However, looking at the charts this week, we have seen the S&P 500 having lower highs and lower lows every day, which would add a hint of bearishness to the already bearish momentum indicators. The futures are slightly positive at the moment, but I don’t see enough to be bullish today. If we are seeing a shift in momentum to bullishness, today would be a good day for it, but I wouldn’t predict it. The momentum still belongs to the bears until it doesn’t. Or as Yogi Berra said, “It ain’t over ’till it’s over.”

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10 responses to “Traders Corner

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  1. SCTY, an Elon Musk company is reporting after hours today. This is one of my larger holdings and I’ll be watching closely.

  2. Bought back my UVXY calls for 1.00. Sold yesterday at 2.02. about 100% profit. Still holding the shares I bought for 35.50

  3. Started a position in TC @ $2.70.

  4. Put a sell on my 35.50 UVXY shares at 37.50

    I’m out of pocket for the rest of the day

  5. Plane is delayed of course, missed UVXY’s momentary touch of 37.50 so I resold my 8-8 35.50 calls for 2.20. About 6.5% if assigned tomorrow.

  6. Doing very well Jeff, hope youre off to somewhere nice.

    Update on a few positions while I was out. I was able to sell GTAT Aug 17C on about 3/4 of my position for .25 before earnings. SLV has turned out to be a morass for me. I was able to sell calls that expired last week and my basis is around $19 from my last check, and I’m kicking myself for not taking the opportunity to sell again yesterday. That 1 week chance has not turned out well but should be ok. WWAV had great earnings today. Sold Aug 32.5 @ .60 and I’m looking to grab .10-.15 on this one, but stock looks strong today so I have a good chance of being called out next week. BRF is back to where I bought it but it’s a long term hold and I’m hoping it finds support again in this area.

  7. Trader,

    Market looks a lot weaker since before I left. Not sure what your prognosis has been recently but I’d be extra cautious right now.

  8. Sold my tube today at 9.80 for a 4.5% profit. I am now out of IPO space, though I see old fave FGL had solid earnings this morning.

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