Tug of War

Real quick here as the open looms.

What a bounce off the lows late yesterday. That 330 ramp of old was in full force. The bounce came right at support.

I see 3 scenarios into years end. I'm still not completely sold on the downside, but the more times we come down to support the less likely it will bounce.

On the flip side, with all the negative headlines and increasing rate hike expectations, how the heck is the $SPY hanging around current levels?

There is also a lot of bearishness. A break of support around the low $390s on SPY and the $330 level will be rather swift. Perhaps thats what we will see into October.

Or will this market baffle the bears yet again with a cruel rally to $430 and beyond?

If that bullish #3 comes to fruition we could be looking at higher prices into the end of year. And then 2023.... well thats another story for another day.

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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