So do we bounce off 187 or drop to 182?
I draw support and resistance lines weekly on the various time frames, just to give myself an idea of where things might change direction.
Currently I am nervous about whether 187 will hold or not.
The volume on the daily makes be believe we will bounce, but there are a lot of retirees out there that do not want to lose a large chunk of their retirement if it breaks through 187, 182 and then down to 174.
I'm staying conservative in this overall downward trend. Sell 1 vertical Put spread then sell 2 vertical call spreads depending on where I see resistance or support. Good luck, I hope not to get any really bad news this weekend.
Currently I am nervous about whether 187 will hold or not.
The volume on the daily makes be believe we will bounce, but there are a lot of retirees out there that do not want to lose a large chunk of their retirement if it breaks through 187, 182 and then down to 174.
I'm staying conservative in this overall downward trend. Sell 1 vertical Put spread then sell 2 vertical call spreads depending on where I see resistance or support. Good luck, I hope not to get any really bad news this weekend.
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