We’re seeing the market fade a little bit after Thursday’s melt-up…
I highlighted some key levels to watch to open Friday’s “Final Hour” live session. It’s a fairly wide range compared to normal — about 12 points — but this has been an abnormal week.
I’m still in the cautiously bullish camp. I’d like to see the market go up just like everyone else, but I’m also watching my charts and watching levels, and it’s too soon to have a great idea where we’re heading.
For the S&P 500, the upward resistance areas are 5,815 and 5,877 and then 6,000. For support, look to the 5,315, 5,277 and 5,200 (the Aug. 4 low) to the downside.
Based on expiration and the probability cone, this should help me project reasonable strike prices if I want to go long or short.
These levels are always subject to change, because price is going to do what it wants. But that’s where we’re at heading into the close for this week.
Since I trade the S&P 500 (SPX) for my main strategy right now, the Daily Profits Challenge, which trades the open, someone on today’s livestream presented a question many people are probably asking…
Can you make this trade before the close?
So let’s dive in and cover that and more!
Chris Pulver
Chris Pulver Trading
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. What Traders Should Really Be Focused on Right Now
The other day, Nate Tucci, Stephen Ground and I were discussing which is better: Ford or Tesla!
Because during their recent monthly strategy session, Nate said this battle is exactly what traders should be focused on right now…
Stephen was surprised…
They’d just spent an hour talking about the election, rate cuts and everything on traders’ minds right now, and here Nate dropped this bomb out of left field!
When I heard that, I asked who in the world is thinking about Ford and Tesla right now?
Well, turns out… a lot of folks.
In fact, they’re two of the most traded stocks in the WORLD right now!
And Nate said he thinks one trade on these two tickers is the single BIGGEST opportunity in the markets right now — with 10X earnings potential!
We pressed him to share more but he was hesitant…
Nate said traders like you are so distracted right now by everything else going on, you won’t be able to focus on this killer opportunity!
So Stephen came up with an idea…
If he could get 500 people to sign a petition, Nate would not only go live with to talk about F and TSLA, but he’d also share ALL the options details with everyone…
For FREE!
Nate took the bet and now, if you want to get the goods on Nate’s Trade of the Year…
Please sign up here and follow the instructions to see an exclusive video…
