Market Notes

Good Morning!

The market is opening relatively flat this morning around yesterday's highs. After a massive 2 day sell off, VIX is consolidating back around the 21.50 area.We have support below at 21.3 with the next previous high at 20.00. Above we have 21.86 followed by 22.55 & 23.60. FOMC starts at 2pm EST today, this may cause unfavorable price action until that data drops.

Upside: We are currently in a range between 4023.25 & yesterdays highs at 4043.25. Above yesterdays highs we can look for continuation towards 4061.50 & 4075.75. Only other long interest I would have is a strong hold of 4002.

Downside: For me to be able to short the current daily structure I would need to see some sort of failure to go higher. A push above 4043.25 and rejection would catch my interest in shorts. We do have 4023.25 slightly below as well as 4009 which is last weeks highs and should act as a strong support as well. Under that we can start to look for 3972, & 3945.75.

Today's Trading Strategy:SPY: 1/12 C$397

Please tell me your price and quantity after buying, I will let you know when selling

Good morning, yesterday's trade picked up where Friday's left off, building up gains based on a belief that the Fed won't have to raise rates as much as feared and that the U.S. economy may see a "soft landing" after all. That thinking fueled buying activity in the bond and equity markets to start the day. The rally effort lost momentum, however, in the afternoon trade. The downturn coincided with Atlanta Fed President Bostic (not an FOMC voter) saying that the Fed is willing to overshoot when it comes to tightening, adding that the Fed should hold rates at 5% for a "long time". Ultimately, the S&P 500 closed below the 3,900 level.

Fed Chair Powell Speaks will begin at 9am today. Today's market trend will depend on whether he speaks dovishly or hawkishly. Please beware of the risk and trade cautiously today

Even though I am overall bullish on markets. However, on a 15 mins chart, SPX still face 3900ish short resistance level at the market open, if the market can find some support around 3850ish, that will be the best catch for long side daytraders.#SPX #QQQ

SPYshort, enter 390ish, SL 391, TP 385.6ish

SPY long, enter 379ish, SL 377.82, TP 383.6ish