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Daily Option Trading Commentary

Market Bid Is Starting To Grow - Watch This Critical Price Level

September 29
Posted 9:30 AM ET - Yesterday the market gapped higher on optimism that a stimulus bill would be approved. The S&P 500 challenged the 50-day moving average and the downward sloping trend line that started in August. This is a small resistance area and a close above it would be bullish. We have not seen a capitulation low and I doubt that we will. There is not enough damaging news to spark panic selling and I believe this is just a normal wave of profit-taking. Traders can start passively selling out of the money bullish put spreads on stocks with…

 

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