Twitter (TWTR, $30.91, down $0.26) TWTR January 30 calls (TWTR200117C00030000, $1.90, down $0.20) Entry Price: $1.05 (11/15/2019) Exit Target: $2.10 Return: 81% Stop Target: $1.80 (Stop Limit) Action: Upper support at $30.75-$30.50 held on Friday’s fade to $30.78. Resistance is at $31-$31.25.
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The bulls will need to show continued strength today to confirm higher highs and a possible near-term bottom for the major indexes. The 3-day momentum helped level out the downtrending 50-day moving averages for the major indexes and this was a bullish development. Although the small-caps remain a slight concern, they could show the most […]
3 Month – $261 The percentage of S&P 500 stocks trading above the 200-day moving average closed at 62.57% on Friday, up 4.56%, with the session peak reaching 64.75%. Lower resistance from late September at 62.5%-65% was cleared and held. A close above the latter would signal additional strength towards 67.5%-70% and prior support to […]
The Utilities Select Spider (XLU) settled lower for the 4th time in 5 sessions following the intraday pullback to $63.70. Upper support at $63.50-$63 held. A close below the latter would be an ongoing bearish signal with downside risk towards $62.50-$62 and the 50-day moving average. 6 Month – $462 Lowered resistance at $64-$64.50. A close […]
Bulls Snap 3-Week Losing Streak 8:00am (EST) The market was in rally mode from the start of Friday’s open and maintained momentum throughout the session in hopes of a good outcome in the trade talks between U.S. and Chinese representatives. Tweets from President Trump confirmed that the U.S. had reached what is being called a […]
The S&P 500 Volatility Index ($VIX) surged to an midday high of 22.71. Prior and upper resistance at 22-22.50 was breached but held. Continued closes above the latter could lead to a retest towards 24.50-25 with the monthly peak at 24.81. Rising support at 21.50 followed by 20.50-20.