So we look at the S&P 500 and I gotta say every single thing I talked about this last week in one of our premium services, our Power Option Plays with our group there, we had this nice move up and we pushed back into the zero fib line right here, right? So this was on the 11th, which was Thursday, right? Last Friday we were here. We’re at resistance. I want to pull back. We get to the eight moving average. That’s our first stopping point. We get to the second stopping point, the diagonal trend line, the bullish trend line we get right there with a confluence of the 21 moving average. I am salivating when I see it. We gap up, we retest. This is yesterday. We retest the uptrend line and we go, we close above the eight today. We break out of the 4793.30 level, retest and bounce break. The 4,800 and KA-boom, 58 points. We’re not quite closed yet. We’ve got five or six minutes left till we close. But 57, 58, 60 ish points today. What a move. What
a move, what a move.
We look at the VIX and it has responded so nicely. 13.39, oh, magnifique. Beautiful, right?
So what are we looking at for the S&P 500 then? Alright, so simple terms is I really want to see at this point. Now, if you didn’t take advantage of today’s move, particularly if you’re trading SPY, I wanna see a pullback, right? So that 4,800 ish level doesn’t have to come all the way down exactly to it. 4801.23, somewhere in that area, and a bounce right from there. I am looking at 4887. Could it just run and rock from here? It could. I don’t do well with breakouts, so I don’t tend to trade breakouts. I would rather a pullback first and then a breakout. A push, a run to the upside is what I’m looking for, right? So make it back down to that 4,800 bounce. 4888 is our upside target if we fail, right? We’re still in that upward trajectory there. New swing high, recent swing high, which is awesome, right? If we do pull back and we break that 4793, we’ve gotta look at the eight, which right now is 4779, we’ll call it. And then we’ve gotta look at that diagonal trend line with the 21 confluence, which will put us right about 4750-ish, we’ll call it for that move.
So overall liking what I see. Keep it in mind, right, traders are back, right back in the swing of things right now. Holiday stuff is over. Everybody’s back doing what they do. Traders are back in full force and we finally got the breakout we were looking for. So with that, make it a great day and I’ll see you all in our next update. Bye for now.
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