Equities Market Continues Its Short-term Slide
In my weekly Tom’s Newsletter found on my premium options analysis and educational website www.tomsoptiontools.com, aka Toms Tools, I analyze the overall equities markets by analyzing the chart on the SPY.
This is the ETF that tries to replicate the returns of the S&P 500 Index.
I then go into other charts on other ETF’s like the QQQ which has as its goal replicating returns of the NASDAQ 100 Index.
I Am Looking for Where the Markets May Find Support
I actually look for support and resistance but when the markets pull back as they have I try and find where a next level support may happen so I can then consider bullish option opportunities.
Other Technical Indicators
I also look at other technical indicators like candlesticks, momentum indicators and Fibonacci, but I start with support and resistance as that tells the story the best as where investors and traders are putting their money to work
Take a look at the chart on the SPY and QQQ and where I visually highlight where support may eventually be or in the case of the QQQ where it may already be.
App: Toms Option Tools
This Market Insight article may show lists of stocks meeting a variety of options parameters like Unusual Call and or Put activity or Expensive IV and other times simply the charts may work to amplify my educational points.
Those options data lists, however, can be found on my app Tom’s Option Tools. Use your device to search up and download this app and get free access to the Morning Reports section of the app.
Other parts of the app are available at a premium subscription rate, but the Morning Reports Lists are yours free.