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Daily Option Trading Commentary

SPY Will Bounce To the 100-day MA Before the November Elections

October 22
Posted 9:30 AM ET - Two weeks ago the S&P 500 breached the 200-day moving average. Since then it has tested this support level 3 times. A busy week of earnings releases should strengthen the bid and I'm expecting a nice bounce to the 100-day moving average. Overseas markets were strong overnight. China is considering tax cuts and stimulus programs. Italy's bonds were not downgraded to junk by Moody's and yields have retraced. Italy said it might consider reducing its deficit spending in 2019. The November elections are only two weeks away and Republicans are narrowing the gap in the…

 

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