BY LICIA LESLIE
January 21, 2024
Hi Shoppers,
Wow! That was some rally.
The market took off without the bonds initially.
Then the bond market caught its bid and began to rally, fueling stocks even higher.
Friday’s stock and bond price action has left us with some pretty interesting charts that support more upside from here.
Check it out.
Here is the 10 Year Note Futures March Contract:
It was down and rallied to end the session near the highs creating a hammer candle which could be signaling a change in this downtrend.
We need evidence of a higher move on Monday back above that old support/new resistance level.
Here is my pitchfork on SPDR S&P 500 ETF (Ticker: SPY):
Next resistance level comes in at $498.
We won’t be there by Wednesday, at least I don’t think we will, but I do like the Jan24 483 calls is SPY:
You will make money on these.
Trade Review
The Mosaic Company (TIcker: MOS) chart is intact, stock going to $35.50.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain