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And Down We Go!
In this video, we review today’s market action and the big flush lower. We ended the day 63 points lower in the SPX and 2.20 higher in the VIX and 10- and 30-year bond yields higher. The good news is that we did hit and hold support levels around SPX 4500, so now we need to see if these levels are going to hold and we bounce, or do we roll over from here?
Correlations Between The NASDAQ And The S&P
When there is news that affects the technology sector, you will see that ripple into the S&P. With Fitch lowering the US credit rating, we saw a significant decline in the Nasdaq today. Joe discusses how to trade the indices when there is news like we had today.
August Seasonals And Trends
With the handoff from July, August is already revealing its historical nature and reminding traders that patience will pay but will also be required this month.
Still Looking For Bull And Bear Flags
…But now on hourly time frames. With markets at resistance but refusing to go down, I will continue to look for short term consolidation patterns.
AMD: Earnings In Focus
AMD reports earnings tomorrow after the bell. While I’m betting on AMD beating EPS estimates, the post-earnings move is another story. I am looking at this ticker for a premium crushing event and I’ll demonstrate why. Let me show you how you can take advantage of IV crush in the options market over an earnings report.
Waiting For The Big Dogs
Equities did not break but spent the day wandering until late day when in the final minutes it recovered the entire range. This feels like wait and see price action. Waiting for the big name earnings a little later this week. That’s okay though, as we have a plan.
Practicing Pins
New Stat Indicates Market Higher But Do The Charts Agree?
Let’s also take a look at some higher time frame charts to see if some lows are in and what the common factors are with them.
Switching Gears
Same story in the equity index space so I thought we would look at something a little different in tonight’s market review/update.
