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Daily Option Trading Commentary

Market Has More Downside - Don’t Buy Until You See This

January 21
Posted 9:30 AM ET - The S&P 500 closed firmly below the 100-day MA yesterday on heavy selling pressure. Asset Managers are taking risk off before the FOMC statement next week. They are not going to buy until they see a capitulation low and here’s what it will look like. Early in the day we will see a series of long red candles stacked on a 5 minute chart like we saw yesterday near the close. The selling will be relentless and it will feel like the market is never going to rally again. At the darkest hour, the longest…

 

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