As noted last week, we broke a head and shoulders neckline on $SPY.  We had a decent rally off of that and we ran into the resistance projected between 390 – 400.

As noted last week, we broke a head and shoulders neckline on $SPY We had a decent rally off of that and we ran into the resistance projected between 390 – 400.  Today’s opening put us right back to testing the neckline.  With employment numbers tomorrow, elections and key inflation figures next week, market action should continue to be volatile – but a lot will be clearer fundamentally, politically and technically over the coming days.  I continue to trade nimbly and buy volatility out to February 2023, which will cover another Fed meeting as well as Q1 earnings.

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About the Author

As noted last week, we broke a head and shoulders neckline on $SPY.  We had a decent rally off of that and we ran into the resistance projected between 390 – 400.

Jeffrey Ramson

Jeff Ramson is the Founder and CEO of PCG Holdings. Jeff is also Publisher of Prism MarketView and Fund Manager of ProActive Capital Partners.