Our next resistance point will be the area where the markets fell from in late August. This looks to be a strong move by the bulls; however, we still have some strong resistance ahead. Look to add some bullish diagonal trades, if possible. Stick with the adjustable shorter-term weekly expiration, if available.
Earnings season is off and running. Although we haven’t seen many results just yet, we do expect results to have an impact on the markets, even if it is only for a day or two. Our main focus should be on the overall market sentiment. Let’s see if today’s move can continue into a trend and how it holds up to earnings results.
Make sure to address your October monthly positions since they will be expiring tomorrow.
Mid-Week Outlook:
- Bull: 5%
- Sideways: 55%
- Bear: 40%
Have a great night,
Maverick Trading
