The stock market, S&P500, SPY, NDX, QQQ is following through with a second bullish day for the week. Futures are higher on a lessening of awful virus news, as some countries are showing signs of a peak.
S&P500 SPY ETF
Price action is printing a bullish wave, with Fibonacci resistance overhead between 38.2/50%. A move to 61.8% though unexpected at this juncture, is a possibility, which would offer immense resistance as the 50/200d are crossing right in that area.
MACD suggests bulls are persistent, with histogram building taller bars.
VIX is key. If volatility comes in dealers will start to buy back shares as their short puts lose value.
TICK cumulative is rising reflecting institutions buying more than they are selling in realtime.
Zero-gamma has moved to 285.00 for the SPY, the no-mans-land between 50/61.8% Fibonacci. Gamma would flip to positive.
The PutWall has moved to 260.0 from 255.0. This is support and the location of the 21d.
Finally, while the markets are moving higher, don’t get complacent. We are still in day trade mode while taking fewer short-term swings. In addition, we will be watching for “big options trades” between 10:00 ~ 10:30 AM reporting them LIVE as we see them, so stay tuned.
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Happy Trading,
Vinny
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