BY LICIA LESLIE
February 23, 2024
Hi Shoppers,
Holy Shitake!!
That’s what Andrew would say.
But seriously, what a move.
The S&P 500 (Ticker: SPX) was up over 2%, Invesco QQQ Trust (Ticker: QQQ) up almost 3% (thanks NVDA +16%), and the iShares Russell 2000 (Ticker: IWM), not feeling the love so much, was up less than 1%.
So where do we go from here, you ask?
The SPX chart is very bullish:
After that two and half day pullback, SPX opened right on my pitchfork resistance line which is now new support.
According to my pitchfork, $5250-$5275 is in our future.
It may not happen next week but it will happen.
On to my trade idea on how to play this rally.
After such a rally, I think we are going to get some follow through today.
To participate, I like the Mini S&P 500 Mini-SPX (Ticker: XSP) calls expiring tomorrow:
The 509 calls under a buck are nice purchase.
Watch your five minute chart and do not enter if XSP is trading below $507.50.
Trade Review
Apple (Ticker: AAPL) is up $3.50 since Wednesday. Next resistance comes in at $186.34.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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