The 280/2800 SPY and S&P500 levels held yesterday, in addition to the 21d moving average/23.6% Fibonacci zone. Oil and Gas stocks bounced as well, with several of the companies we are holding rising with the markets.
SPY Daily
The gamma weighted open interest that we’ve been watching at 280 remains support, as S&P500 futures (+36) point to a gap up this morning.
Wednesday prince action gapped up at the open, while Thursday and Friday opened with a gap down. These levels are resistance overhead. The most recent gap on Friday is overhead from 286 ~ 290 (+/-). If it holds that is showing the bears have a stronger hand. Trade accordingly by selling some into strength if resistance holds.
O&G Stocks Show Strength
Oil and Gas (O&G) stocks rallied yesterday. Look for this wave up to continue into midweek if the indices can push through the Friday gap. In addition, the energy sector rose as a result. Both need to show strength in order to add to our swing positions.
WTIC future contracts are up another 13% this morning.Gold is lower.
These are the most actives. APA and MRO are in our portfolio, while some of the members mentioned they were trading VLO, MPC, and HFC.
Join us today in the trading room for our LIVESTREAM broadcast
during market hours, as we trade these O&G stocks while navigating 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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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.