The markets pushed higher today, confirming a move from support levels. Today’s move was direct and strong, closing on the higher end of the day’s range. This move spanned all three majors and was accompanied with a move lower in the VIX (now below 14).
This is a strong technical move in the markets; however, since it came from previous support levels and not a higher low, we should look to previous resistance for targeting purposes in the short term.
With eight (8) trading days left until May’s expiration, there should be plenty of opportunity for horizontal and diagonal plays. Today’s move was very strong, so if you want to play something more aggressive, look to verticals into this week's end.
Have a great night,
Your Maverick Trading Team
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