Futures turn green after the Iran saga

The Geopolitical uncertainty has simmered down, for the moment and The SPY moved up yesterday but has since fallen in premarket having bounced off of 322.20 both yesterday and this morning. At the moment is hovering under this mark. In the premarket chart, we see that the 10 moving average line has crossed below the 20 moving average line on the 15-minute chart.

The SPY is in a tricky spot here because though futures are flat at the moment we had both big buying at the end of the day yesterday but current momentum pointing down. I believe it has shown potential to move higher given what we saw the past few days but it’s a tough call here. Still, the bulls seem to have been on top of late, buying up dips and we are green overseas. So I will be looking for calls today. 

To confirm this move to the upside, I will wait to see solid buying volume at the open. If it drops back to 322.50 and then 322.35 at the open, the trade of the day will be done as I believe there is a downside from there but I will watch for a bounce. 

In order for this trading plan to be in play, SPY must remain trading above that key resistance level near $322.50 but preferably above 323. If I see these it would trigger a buy to open followed by sell to close call option move today.

Resistance:  323.30, 323.42, 323.63 Support: 322.94, 322.81, 322.50 Today’s Trade of The Day is SPY January 10 324 Calls