Friday Focus: Support Matters

Friday Focus for Stock Options Traders at Option Millionaires

Yesterdays price action illustrated, once again, that support matters.  The $SPY support I highlighted pre-market of $211.24 held almost to a penny yesterday as the action hit $211.21 before reversing sharply.

from my morning outlook post

Look where the selling action ended yesterday:


Yesterdays morning outlook:

Where Do We Go From Here?

The VIX spike is getting sold yet again.  This portends a continuation of yesterdays reversal.

Banks are rallying pre-market on earnings with shares of $JPM up 1.5%  and closing in on a new all time record high.

Earnings season is picking up next week.   The market has bounced off support.... but will it hold?

Historically we are heading into the thick of October selling season.


But 2016 has been a year born from a different mold.  And I think that's just another reason why this October will end on a bullish note.


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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