May 13, 2020

Passing along commentary from our sister service, www.MTOptions.com on the market:

Some insight on some key levels we are looking at. First, very surprised that 2835 did not hold especially with NQ looking strong this morning. IWM bounced nicely off the 50 and just looked good for a good floor. Right now we have a fight at a key level of 2803, if this fails and we close below, next floor is 2774. 2774 is key. Not much to do here, cant front run and no reason to front run that move down. If 2774 fails, we have over 150 points to play with on the S&P. Can attack it to the downside with all our indicators and market trend in place that we follow and which has guided us extremely well in 2020. But our feeling is either we bounce at 2803 or 2774 extremely hard. This is almost the same playbook as we had back in Mid April. As soon as everyone was bearish again, smoked. Market ripped higher and we’re almost there again…we believe. As soon as we have our path, we jump in with both hands and attack the trend again like we’ve been doing for months. Patience is needed here now. Let this play out and then we move in.