Swing Trader Pro: Morning Briefing (10-18-2022)

JC Parets
October 18, 2022

From the Desk of Kimmy Sokoloff

That was a huge move overnight in the futures market. We're currently trading above gap-fill on the SPX at 3,739.

Now, let's see if we back and fill some.

Support for the $SPY is at 370.26. Resistance is at 373.29, then 375.

I closed two positions this morning.

I sold $AAPL for almost a two-point gain, and I sold $VTI from Friday's position with almost a two-point gain.

Here's what I'm looking at this morning:

  • I'm watching $XOM above 102.50, which is resistance, for a potential move to 103.30 then 105. 

  • I spoke about $CAT in the room yesterday, and I shared a view of the chart. I'm watching the 185 level to see if CAT can come above it and trend higher to 187, then 190.

Now we just wait and see how the market digests this move. I need to see how stocks act before I take a trade.

I'll see you in the live trading room at the open.

Here are a couple of key things to remember about what we're doing here.

First, it's important to be in the live chat. As you know, the market has been extremely volatile, and we'll likely continue to see many ups and downs.

What that means practically is that I'll update not just price levels but even particular names we're watching as the market moves.

Second, please understand that the focus of our discussions is simply my opinion.

Your results will vary based on many factors and variables including execution, timing, and market conditions. All of these issues are completely out of my control -- and yours as well.

Our mutual goal is to win more than we will lose and that, by adding some of my strategies, we'll help you boost your overall success.

Remember, the market is on its own schedule and subject to change without notice.

We've had many questions about position and allocation sizes. I will never advise you regarding the amount of risk or portion of your assets you should invest.

All trades are at your own risk and can be discussed with your personal financial advisor at any time should you feel necessary.

Thank you for joining us, and I look forward to working with all of you!

And please each out with any questions.

We'll see you LIVE on the ASC Rangefinder app to start the trading day.

All Star Charts Team

Filed Under: