The markets moved higher off of major support levels today, but tomorrow's results could have a strong impact on the overall market's sentiment moving forward. As discussed in Wednesday's Mid-Week Update, the ability to regain the majority of last Friday's losses would be key in keeping a bullish outlook moving forward.
Although we have broken below the upper channel support levels, the overall uptrend is still in play. Focus on September's monthly option expiration tomorrow and any changes needed to your exposure moving into October. We haven't yet seen anything in the technicals to call us to major restructuring actions, so take your time and continue to approach the markets "one day at a time."
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
