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Daily Option Trading Commentary

Market Testing All-time High - Don’t Chase - Wait For the Dip

July 23
Posted 9:30 AM ET– The S&P 500 has rebounded nicely off of the 50-day MA and the bid should remain strong through July. Earnings season is ramping up and the expectations are high. Consistent with the pattern we have seen in the last six months the next leg of this bounce should be marked by tiny bodied candles and a gradual float higher to the all-time high. Keep an eye on TLT. We want to see the 200-day MA hold. A breach of that level would keep a lid on the market rally. The Delta variant is spreading quickly and…

 

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