So as you can see from the above chart, we have been range bound between 294.5 and 282.5 since the beginning of august, and I see no reason we don't test 282.5 again here sometime next week. Furthermore, we have significantly more downward momentum on this test, and a newly revised tariff schedule at 15%. If these levels don't hold, next major support are the Jun levels around 272. I don't believe the 272 levels are at any risk of breaking, especially with an increasingly dovish Fed which will be meeting in Sep.
If 282 levels, don't hold I will be dollar cost averaging back into the markets beginning around 276.
Let me know what you guys think.
If 282 levels, don't hold I will be dollar cost averaging back into the markets beginning around 276.
Let me know what you guys think.
Comment:
I'd also like to note large blocks of unusual options trades around 276. Over the last week, blocks of around 20,000 contracts at a time on the Aug 19' 276 puts have been bought up.