Earnings continue in earnest this week, as States begin reopening their local economies. Coronavirus cases are showing signs of a peak, temporarily taking a back seat to earnings reports. In addition, the new stimulus deal which has been held up in Congress should pass the Senate at 4 PM today according to Senator Schumer.
Futures are lower this morning. WTIC is off 23% in early trading, while gold is down less than 2%. Senator Schumer comments on the latest round of stimulus relief is reversing futures at the moment.
SPY Daily and Earnings
SPY is lower in early trading, showing signs of reversing as Senator Schumer talks to the press about the possibility of a 4 PM vote.
MACD os above its signal line and climbing, showing bulls are still in control, while price action retreats from last Friday’s pivot high at 287.30. Previous range-bound price action is now supported just below. The 9ema, 21d and 23.6% Fibonacci are next level support.
Gamma is neutral, so dealers and market makers will have less effect on price action. On the other hand, some of the S&P500 (SPY) report this week, leaving direction unchartable.
Netflix and Chipolte report tonight after the close. Intel reports on Thursday, which could be an earnings run into Thursday, given Monday’s option volume at the 05/15 60.00 strikes.
FANG stocks are modestly lower this morning, with the exception of Amazon, Netflix, and Google.
We’ll watch for large BLOCK size options trades just after the Opening Range, so join us today in the trading room for our LIVESTREAM broadcast
during market hours, as we navigate the current environment. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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