FOCUS: Stocks/Options Wednesday 8/15/2019; Walmart may help the market today; Walmart reported earnings that topped expectations and raised its outlook for the full year, building on the momentum in its core U.S. business and investments into grocery. Its shares jumped more than 5% in premarket trading on the news. Walmart is gapping out of a bullish “W” pattern; we will now wait for a swing trade entry over the next few days with an easy direction option trade, Stay tuned and stay connected with us. Check out the Text alert link below.
Yesterday the SPY fell another 2.96% landing on our Dotted Deuce moving average; we still think there is a good chance the 200-SMA will see a test sooner or later, meaning we may see a relief rally of some sort. The first big hurdle I see on the SPY for the Bulls is about the $288.70 area; if the bulls can post a close over the $288.70 line, then they could face the possible challenge the 50-SMA. Anything below $286.50 keeps the 200-SMA on the list.
The VIX-X CBOE Market Volatility Index seems to be a bit nuts, up-down. Follow-through above $22.40 the VIX-X will want to challenge $23.65, below $21.25 a test of $20.00 is likely
😊 Have a great trading day - Rick
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