There are major technical changes to the market we need to review before next week. Since Taylor is on the road making his trip back from Austin, TX, our VP of Options, Sam Shames, is covering the Friday video this week.
Sam reviews the SPY as there’s a dangerous setup that has developed. We’ll walk through the weekly chart of SPY and the “last line in the sand” at the 50 simple moving average (SMA). Could we see a similar pattern where the market sells off after touching the 50 SMA?
Sam compares this pattern on the weekly chart to the smaller time frame charts to observe the path of least resistance on SPY. He’ll tie it together by taking a look at XLY and AAPL, representing technology names.
You’ll notice that Sam refers to his proprietary premium indicators, the TrendOscillator Pro (TrendOsc) and HiLo Pro. For more information on Sam’s true momentum indicators and how to apply them to your trading, visit the link here or reach out to our support staff at [email protected].
Cheers,
Sam
