As markets digest new pricing in many symbols, my pivot and range math for next week indicate sideways range plays may go on for days. So, set your scalper’s chart grids and get ready for some Iron Condor possibilities! However, some trending may occur above/below my weekly-based options perspective or symbol list.
Pre-signals for a reversal rally higher in the S&P 500 emerged in related symbols’ charts today. Also, some reversal candles exist intraday below my projected weekly reversal zones/lows. Do be aware of trending S&P pivots’ opposition to reversals for this entire week and that no S&P 500 signals exist yet.
Major U.S. benchmarks posted a strong overnight session gaining about 0.5% across the board. The S&P 500 held major three-star support and finished Monday about 0.5% from its low. While the geopolitical front has remained calm, the market has benefited from slight relief in Treasury yields, a solid showing from Alphabet’s earnings and the wheels turning in Washington.
My “Euro on the go!” headline last week preceded the euro’s trip to nowhere—except deeper into the three-month narrow-range to prepare for its faster-and-farther fireworks fugue to a crazy breakout price! The reverse of the current situation will be too much price in too little time. Let’s review some euro charts to see if a 50-day expiration long overhead call spread and a long 1.225 single put (weekly 20-simple moving average) make sense (see the charts below).