The markets had a robust rally beginning at noon ET yesterday upon the remarks of Fed Chairman Powell relative to the economy and interest rates.
This increases the strength of the support and retest below, although we still have conflicting time frames and much overhead resistance.
Look at the daily SPY:
However, with today’s market gap down, we should be able to find many compelling put selling candidates on a bullish intra-day setup, or as bullish +123 continuation based on today’s close.
DLTR is gapping under its Major Support area of $80 on earnings so we will be watching to sell bear call credit spreads.
Stay tuned!
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Greg Capra
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Trading the Pristine Method — Origin and End
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