Stay Long SPY – Here Is Your Stop

October 27, 2022
Author: Peter Stolcers, Founder of OneOption

As long as this breakout holds, stay in the swing position.

PRE-OPEN MARKET COMMENTS THURSDAY – The market rallied above technical resistance at SPY $380 this week in anticipation of strong tech earnings. That level has been resilient even after negative reactions to MSFT, GOOG and META. After the close today we will hear from AAPL and AMZN. If these reactions are negative it will be difficult for the market to hold the breakout. Traders will brace for another interest rate hike next week.

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