Options Trading Newsletter - Issue #92
WORLD CUP FINALE...
WORLD CUP FINALE...
The world cup has finally ended. Guess who won?? Argentina!!! Although it did not have a good start it ended up as the world cup champion once again.
Even as the final match was played, it seems that its hopes for the championship was dashed by Mbappe equalizing the score each time even as the extra time were played out. 3-3 then penalty kickout... which Argentina won 4-2. It is really a mental game rather than being a physical one.
The same goes in life. We face constant challenges and events seems to pull us back further from our goals. However, if we strive a never give up attitude and continue to take the necessary actions, in time, we will reach our destination or goals.
SPX - 3852
SPX continue to slide for two consequtive week closing at 3852, 1.1% decline for the week. Although the CPI was lower than anticipated reported at 7.1% and the interest hike was also as expected at 0.5% the market continued its bearish stance due to fears of a recession. SPX dropped down to the daily 50 MA and the next level down will be the 3700 level. As next week there are no major news except for a minor unemployment claim report in Thursday, we may see some minor relief rally back to the 3900 levels before a continued downtrend.
The weekly charts still shows a downtrend pattern with a very bearish pinbar formed last week.
This week's trading range is 3650 to 4000.
NDX - 11243
NDX is down 2.8% for the week amidst positive CPI data and also no surprises in the rate hikes. Nevertheless, the Fed have reiterated that the rate hike will continue into 2023 bringing the interest rates to 5.1% and will continue to monitor inflation before stepping back on the interest hike pedal.
Last week, NDX has broken down the 11500 level and closed at 11,243. The next support level is within the region 10,500-10,700. Once this breaks down we would expect to see lower lows after 2 months of hopes of any reversal in trend.
Due to the continued hikes going into 2023 which next Fed Fund rate hike is expected to be in February and also the desire for the Fed to see the economy sizzle down, the market downtrend may continue well into mid 2023. The next Fed pivot is to halt the rate hike and following action to reduce rates may well be the start of the recovery and possible bull rally coming back. Until then, choppy markets would be a norm especially NDX.
This week's trading range is between 10,500 and 11,500.
Tik Tok Videos
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DISCLOSURES
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options: https://www.theocc.com/components/docs/riskstoc.pdf
MYstyework is an Online Financial Literacy Educator and materials provided is solely by MYstylework and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. MYstylework, through its contents, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. MYstylework is not in the business of transacting securities trades or an investment adviser.