This morning SPY is trading about 50 cents above SPY 300 psychological support but below yesterday’s close of 300.92, which is indeed resistance. This gives us a fairly tight trading range to start the day. It happens from time to time. Wall Street expects the volume to be light today ahead of the Fed at 2pm ET, which I believe will be the focal point of the entire trading session today, that is, unless any unexpected trade war news, for example, just hits markets and catches everyone off guard. We’ve seen it before (maybe one too many times?). Please note that’s just my take on markets today, not speaking for everyone. As of right now, indicators are pointing north but I’m definitely keeping my eyes on 300.92 resistance!
What I would love to see is a dip toward 300, followed by basing and a green volume surge. That would make for a nice buy to open/sell to close call option play, and that’s the primary setup I’ll be looking for today ahead of an alert.
If I see a call option set up taking place above SPY 300 (below that and calls are off the table) within the first hour of trading, we will update you here on this post. As mentioned I expect it to be a light one today with the Fed at 2pm ET, but if your comfortable reading charts on your own and trading on your own, then as always, there’s no need to wait for me!
Resistance: 300.92, 301, 301.32
Support: 300.50, 300, 299.85
Today’s Trade of The Day is SPY September 23 302 Calls