From the Desk of Kimmy Sokoloff
Happy Friday.
That was a nice reversal yesterday in the indices. I wouldn’t mind a little consolidation today.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
Happy Friday.
That was a nice reversal yesterday in the indices. I wouldn’t mind a little consolidation today.
by David
From the Desk of Kimmy Sokoloff
What a day.
We went from SPX lows at 3,491 to a close at 3,669. It was nice to be up over 2% versus being down 2% for a change.
by David
From the Desk of Kimmy Sokoloff
As I write this morning, the futures are trading higher, with the SPX at 3,600 ahead of the release of September CPI data.
I’d like to see the SPX hold onto 3,600 and trend higher from here, but time will tell.
The levels to watch on the $SPY are support at 355.71, then 354.15. Resistance is is 360, then 364.
by David
From the Desk of Kimmy Sokoloff
It was a very uneventful day, even though we had the Fed minutes out at 2:00 p.m. ET.
The $SPY stayed below 360 and held onto the lows at 355.71.
by David
From the Desk of Kimmy Sokoloff
Volatility reigns, and it surely proved itself yesterday with the massive drop in the indices starting around 2:45 p.m. ET.
To me, the S&P 500 would have to get above and stay above 3,667 and the $SPY above 365.50 for this market to trend higher.
Otherwise we can continue lower. SPY support is at 360, then 358. Resistance is at 364.
by David
From the Desk of Kimmy Sokoloff
Starting at 11:00 a.m. ET, the market started to gain some traction and trended higher from the morning lows.
A little before 3:00 p.m., news from the Bank of England sent the indices all the way back down to the lows.
A round trip, to say the least…
by David
From the Desk of Kimmy Sokoloff
As of 6:00 a.m. ET $SPY was trading at 356, below the most recent low of 357. We have since bounced.
As we know, this can all change by the time the market opens.
by David
From the Desk of Kimmy Sokoloff
This market is not for the faint of heart. It’ll whipsaw you around, so you must be diligent. Failing that, it’s best not to trade.
Just because I’m taking a trade doesn’t mean you have to.