DOW looks primed for another nose dive – Trump Impeachment

Futures are having an interesting morning to say the least! That said, indicators are showing signs of a possible bounce to the upside, especially if SPY can make its way above yesterday’s close of $288.06.

Market seems to be call option biased today, but would certainly love for SPY to trade above yesterday’s close and continue trading above it in order to provide a higher probability alert, which is likely what we all want!

For this, I will be looking for increasing buying volume on shorter term charts or a possible inverse head and shoulders paired with increasing volume for what may become a gap fill to the upside, assuming that happens.

I’m using charts as my thesis here and will also be paying close attention to the news and applying a tight stop. Today’s premarket low is $287.16. Below that and calls will be off the table.

Should these stars align for a short term oversold move within the first hour of the trading session, it will be time to take action. If not, if I see anything later in the day I will update you. It’s important to keep in mind that for those of you who have been trading for a while, you don’t need to follow traders vigilance. Also, remember that while we have been trading put options lately, calls don’t usually move as fast as puts.

Resistance: 288.06, 288.50, 289

Support: 287.50, 287.16, 287

Today’s Trade of The Day is SPY October 9 289 Calls