The market sits at a critical point of volatility that will affect not only just the rest of the week but also into the fourth quarter starting in October. On Thursday, the market dealt with quarterly options expiration which gave the market a reason to drop lower.
We’re continuing to observe the daily Ichimoku Cloud as a guide for the trend and for the first time this year the S&P 500 (ES) dropped to the bottom of the Cloud. This threatens a potential bearish trend for the first time this year.
Let’s see what the market decides, but be prepared for some potential downside. Use the volatility index (VIX) as an additional compass for price movement across the market.
Watch the video above for a breakdown of key levels we’re watching on the major indexes and the current setups on our focused list like GOOGL, MRNA, SQ, and NFLX. We’ll talk to you in Q4!
Stay Focused!