SPX/AMZN
Below 2713 still can the market subdivide lower in strong manner toward 2602.5 (link) and we don’t pretend to squeeze the 2590 level, knowing Joel has a target for Net$ Value at 2603. We gave the benefit of the doubt to this market at the highs, won’t give it at the potential lows.
Previous paragraph was sent to you on Sunday; Monday, we had a good setup to short and we shorted comfortably because the market held below 2713; but today, situation was more complex, so let us explain you why we consider hedging at these levels will be harder:
The market briefly broke below 2644.4 (Alt7link) and this was the only moment the market signaled that could break down, then developed a 1-2 to the upside (Alt7link1-2) and all what a short trade could have done there was to set stops at the top of the wave 1, 2660.7, everything else was “hope” and hope can not make you money. Waiting while a setup holds can, and certainly will, make money, “hoping” won’t. I told you this, so I can tell you that: If we are not going to respect initial line of resistance on this potential b wave higher, better is not to hedge and look for entries on calls.
For tomorrow, I don’t like where the market closed in terms of hourly stochastics (Alt7link), but I don’t plan to short the market, excepting it breaks below 2664 so we can set stops on these shorts just above 2671, additionally, I don’t plan to short if the market strikes 2664 on oversold hourly conditions, doing so could be a receipt for a mess.
Resistance for tomorrow is sitting between 2695 and 2698. But hitting resistance does not mean we are going to short, five down followed by three up below resistance, would lead us to proceed that way.
Think we have defined parameters for tomorrow.
Moore’s 2C-P today was, 8.9, February correction was 7, so we are as oversold as you would expect. Interestingly El_Hombre, posted a chart, attached, finally some institutional buying on NYSE.
Also $AMZN support for tomorrow at 1524.
Seeking Options Team – RQLAB Please email us if you want to be part of this group at [email protected]
Again we will give more detailed trade setups and targets, please check us our Chat Room..as low as 15 dollars.. check this link for options
Access to the Trade of the Week Click Here
SeekingOptions.com its partners and/or 3rd party affiliates are in open entry/closing positions in all of the above stocks, options, or other forms of equities. The trades provided in the above daily/weekly watchlist are simulations based on SeekingOptions oscillators strictly for educational purposes only, and not to solicit any stock , option or other form of equity. Under Section 202(a)(11)(A)-(E) of the Advisers Act this information is not considered investment or portfolio advisement from an authorized broker registered by the S.EC. (Securities Exchange Committee) and is limited to the scope of education in the form of market commentary through simulated trades via SeekingOptions.com indicators, and other educational tools.
U.S. Government Required Disclaimer – Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
Use of any of this information is entirely at your own risk, for which SeekingOptions.com will not be liable. Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and content found or offered in the material for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law. All information exists for nothing other than entertainment and general educational purposes. We are not registered trading advisors. SeekingOptions.com is not a registered investment Advisor or Broker/Dealer. TRADE AT YOUR OWN RISK
