|Futures remain green this morning and the SPY has moved up overnight. |
The SPY is currently sitting at 332.55 in the premarket having bounced off resistance at almost 333 and support at 332.42. It has moved in that range all morning. In the premarket charts at the moment we see that the 10 moving average line is slightly above the 20 moving average line on the 5 minute chart, but below it on 10, and 15 minute chart. A mixed signal.
Additionally, buying volume is much lower at this point than it was yesterday. But two volume spikes this morning were buying spikes. The SPY has been trending higher and we are currently looking at potential gap up of a full point. So the SPY is in that in between place here so I’ll look to play the longer term and overnight trend up today. If that buying volume comes in prior to open and If the SPY pops, it will be a quick text from me. But if it drops, I would wait for a bounce off resistance or if it just moves sides ways I’ll look for buying volume to confirm my decision.
In order for this trading plan to be in play SPY must remain trading above that key support level near $332.20. If I see this it would trigger a buy to open followed by sell to close CALL option move today.
Resistance: 332.64, 332.74, 332.84 Support: 332.42, 332.30, 332.17
Today’s Trade of The Day is SPY January 29 333 Call