3/21/22 SPY Pre-Market
3-21-22 SPY Pre-Market
Good morning y’all and welcome to another week of trading SPY Options! A quick refresher of last week we had the FOMC meeting and we saw SPY cover 7%+ of bullish movement in about 4 days total. The high of January was 480 and the most recent low was 410. Which puts us exactly 50% off the high and 50% back to “recovered”. Overall 445 is a very key resistance as we look forward. I mentioned last week that today and Tuesday are going to be very telling of where the next few weeks will be going as we are through the quad witching.
On the daily we are currently sitting UNDER a major resistance of the 100EMA at 445.1. This will be a very KEY resistance to not only watch intraday but end of day. IF bulls can get a close above that we very well may see a breakout towards 460.
If bears are able to get this back down near the 50 EMA (440.4) or preferably the 200 EMA (438.12) we could be on a road back to 410-420 area. Today is going to be very interesting to watch the intraday movement, buying/ selling pressure and the overall close for guidance.
With the VIX still around 25, we very well may see some of this “fear” continue to come down and bring the VIX down to below 20 and SPY near 460.
444 -> 443.3 442.5 441.8 441 440.2 439.1 438.4 437.8 437.2 - 436.2 435.4
444.8 445.7 (Fridays high) 447 447.8 breakout
Pre-market range is 445.2 to 442.4 and will look for one of those to break to guide us today. Overall we need to watch intraday trend and as always follow the trend. We can not go into today biased thinking it will 100% be red just because we had 4 green days. We very well may see a sideways day too.
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Submitted March 21, 2022 at 01:46PM by DaddyDersch
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