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.
November 03, 2022 - by Jeffrey Ramson
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.
