The news that Tom Hanks and Rita Wilson were discharged has lifted stock markets, along with the S&P500, SPY, QQQ, and IWM. Now the NBA is watching for news on Gobert and Mitchell, with the four diagnosed with Covid-19.
Summary
SPX and SPY Weekly
The S&P500 and SPY ETF is down 30% from its all-time high, set only weeks ago, with the S&P 500 tagging 2386.13 on Monday. Price action is consolidating just above December 2018 lows, a 20% markdown from all-time highs when the FED tightened too fast. Now rates are back to zero.
S&P500 Options volume at 2550 is resistance for now.
SPY Daily
SPY price also stopped at 255 and reversed on Monday. A move above this area today would suggest new of targets, 273.05, 285.54, and 293.05.
Expected moves for the week have SPY contained at current pre-market levels, as the ETF trades at 245 (+/-) +4.73. VIX is elevated above 80.
S&P500 Then and Now
I found this interesting comparison, now vs. 1987, where the market crashed 22% on the first day, ever since called Black Monday. The markets went on to a 33% decline before forming a base. A year later the S&P 500 regained 50% of its losses.
All we need now is news of Gobert and Mitchell returning to practice.
Futures are higher (/ES +14.50) whereas VIX remains the key.
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Vinny
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