TheS&P 500 futures market is halted “Limit Up” until the Opening Bell, while the bond market (watching the 30yr /ZB) is not halted. Thankfully there are no such limits on the upside once the markets are open.
S&P 500 Futures
Limit up, enough said.
Price action needs to get back above the weekly 200 moving average. Many resistance levels overhead need to be referenced.
We need to see confirmation. That will come only when institutions show their hands. Things to look for today.
- Block size trades (> 250k) or greater and lots of them
- TICK cumulative rising and bullish – currently green
- VIX dropping
We’ll buy back SQQQ covered calls this morning for a profit.
In addition, we accumulated a lot of cash into the February highs, so we will look at opportunities in technology and innovation stocks related to healthcare. The thinking supports the idea that “innovation” accelerates in bad times. In good times complacency rules to an extent. Look for quality stocks and names in key areas printing above-average volume.
If you’re new to investing, you’ve been presented with an opportunity. Take a measured approach, scaling into positions, and take it day by day. There is no rush.
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