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Daily Option Trading Commentary

Powerful Rally Will Continue Until This Happens - Watch SPY $281

March 22
Posted 9:30 AM ET - Yesterday the market staged a powerful reversal from the opening bell. The S&P 500 was down 10 points and it closed 45 points higher leaving a giant engulfing pattern. The buying was relentless and this is a bullish pattern. This morning much of those gains are being stripped away by weak economic data. We are seeing powerful two-sided action near this critical resistance level. Buyers are rejoicing that the Fed is not going to rate hikes in 2020 and that the balance sheet roll-off will end in September. They also believe that a trade deal…

 

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