fbpx Support Solidified, or Turnaround Tuesday? | Option Strategist

Support Solidified, or Turnaround Tuesday?

By Lawrence G. McMillan

The market is finally staging a strong rally.  Is it just a “Turnaround Tuesday” thing, or have the bears fumbled the ball (they weren’t moving it very well anyway)?  I’m sure there’s plenty of room for debate regarding either of those stances, and both are probably true to some extent.

Today’s move solidifies support on $SPX at 1295-1300, and that remains an important area.  On the upside, the important level to overcome would be the 1330 level.

Equity-only put-call ratios remain on buy signals.  It may seem strange to some that these haven’t wavered at all in their bullishness, even though the market sold off pretty hard over the last 10 days...  

To read the rest of Larry's Market Commentary, subscribe to The Daily Strategist Newsletter.

 Sign up for The Daily Strategist Newsletter

Share this

Option Strategist
Blog Search

Recent Blog Posts

Trading or investing whether on margin or otherwise carries a high level of risk, and may not be suitable for all persons. Leverage can work against you as well as for you. Before deciding to trade or invest you should carefully consider your investment objectives, level of experience, and ability to tolerate risk. The possibility exists that you could sustain a loss of some or all of your initial investment or even more than your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and investing, and seek advice from an independent financial advisor if you have any doubts. Past performance is not necessarily indicative of future results.
Visit the Disclosure & Policies page for full website disclosures.

-->