Today's Trade Idea

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Pre-Market and European Markets

Economic Calendar

Today’s Fundamental Highlights

Morning Update: Markets are pulling back once again today as the 10 year yield pushes up over 5% for the first time in a long time. We are also breaking below a key 200 SMA line on the daily chart for SPY at $420 level. European markets are down and pushing into their lows during the middle of the day. We also start to get into the mix this week with earnings so it will be a data driven week which means not many swing trades for me. As you can see from the economic calendar above, not many items today but we kick it off with some PMI Tuesday and then bigger data Thursday. I’ll break it all down in the chat room from 9am to 11am live in the Market Masters chat room. 

Today’s Educational Focus: My favorite BULLISH Candlestick patterns are engulfing, hammer, and doji candlestick patterns. Learn about them here.

Today’s key areas for me: The SPY chart really took a tumble again on Friday and we are just a hair away from losing a major level of support in my opinion. If SPY drops below $420 which is not only a previous double bottom low but also the 200 SMA, then I think we could drift closer toward $415 or $410 mental levels of support. To the upside, I’ll be watching the 20 SMA at $429 area but that seems too far away at this point. If I am looking for any reversal on the chart, I’d like to start by seeing a “doji” type candle and or some type of base build for a few days then head into a higher high and higher low.

Today’s Teaching Focus

• Video lessons.

• Featured video: How Jeff plays both sides of the market using technicals (watch here.)

• Live Trading and Teaching Daily With Jeff Williams

Today’s Trading Plan

My morning trade plan: My plan for today will be to draw the 15 min ORB live in chat then look to play the breakout or break down. So please note, my TOD will usually not come any sooner than 9:45am. That being said, I like a possible early run higher to go puts, I think there is just too much negative news right now to be thinking calls. Puts off the rallies for me

My mid morning reversal: This is where I look for a market change of direction around 11am to 11:30am. If I see a morning run up, then I’ll look for a pull back. If we fall early, then I’ll look for a move higher.

Today’s Trade Idea

SPY October 30 $416 Calls

Audible Trade Idea

SPY October 30 $422 Puts

Note: Audible simply means “backup.” It is a football term. This idea is a trade idea in the opposite direction of the trade of the day. I begin market analysis well ahead of sending you 8:45 am ET emails, and sometimes market conditions change - so - I want to show up prepared!

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