BY LICIA LESLIE
November 12, 2023
Hi Shoppers,
On Wednesday I talked about the runaway gaps in the S&P 500 , how that was a bullish signal, and that we are heading to $4500.
Then on Thursday we had a terrible bond auction sparking an ugly selloff which looked like it was the beginning of a pullback.
Friday comes along and we have a massive rally.
Here is what the S&P 500 Emini Dec Futures Contract chart looks like now:
Back on course to $4500.
If we open and trade higher tomorrow, I will be looking at Friday’s S&P 500 Mini SPX Options (Ticker: XSP):
I like the 442/447 call vertical for around $1.60.
Trade Review
On Friday I recommended puts in Royal Caribbean Cruises (Ticker: RCL).
The gapped open and traded higher so no trade was made.
Schlumberger (Ticker: SLB) is still struggling against the 200 day moving average and is now a series of spinning tops pointing to a leg lower.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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