The S&P 500 Volatility Index ($VIX) fell for the 3rd-straight session despite trading to a high of 16.32 shortly after the open. Lower resistance at 16.50-17 was challenged but held. A close back above the 17.50 level would be a bearish development with risk towards 19.50-20. Upper support at 15.50-15 was recovered on the late […]
Author Archives: Rick Rouse
Bulls Extend Winning Streak to 3-Straight 5:00pm (EST) The market was higher for the 3rd-straight session on Wednesday as private sector employment soared with additional better-than-expected economic news keeping the bullish sentiment intact. The reported number of coronavirus cases of the deadly disease continues to rise in China but didn’t dampen enthusiasm as the outbreak […]
Virgin Galactic (SPCE, $17.21 down $1.91) SPCE April 15 calls (SPCE200417C00015000, $4.80, down $0.70) Entry Price: $0.50 (1/7/2019) Exit Target: $7.50 (closed half at $2.50 on 1/15/2020) Return: 650% Stop Target: $5 (Stop Limit) Action: The Stop Limit at $5 tripped on Friday’s continued weakness in the stock.
The Industrials Select Sector Spider (XLI) was higher for the first time in 3 sessions despite kissing an intraday low of $81.18. Current and upper support at $81-$80.50 was challenged but held. A close below the latter and the 50-day moving average would be an ongoing bearish development with additional risk towards $79.50-$79 and the […]
The iShares Russell 1000 (IWF) snapped a 2-session losing streak with the late day peak reaching $176.06. Near-term and lower resistance at $176-$176.50 was cleared but held. A close above the latter would be a bullish signal for a retest towards $177.50-$178 and fresh record highs. Current support is at $175-$174.50. A close below the […]
The S&P 500 Volatility Index ($VIX) fell for the first time in 3 sessions despite tagging a midday high of 15.39. Upper resistance at 14.50-15 and the 200-day moving average was breached but held for the 2nd-straight session. The fade to 13.75 afterwards and close below prior and upper support at 14-13.50 was a healthy […]