Morning Notes – 7/7/2022

Good Morning:

• While the S&P 500 followed through yesterday after the release of the Fed Minutes, it hesitated at the 21-day line which is the next big hurdle.
• We will raise our stop to 3953.50 on our 50% August Call Position on the SPY
• We have formidable resistance at the 21-day line at 3868, a downtrend (supply line) in the same vicinity, and a high volume hurdle at 3910 or so.
• If the market can get through these areas, then it enters an air pocket with scant resistance until the 4000 area.
• On the downside, there is good support around 3825, and the bull/bear trigger line remains at 3754.
• The expected move range today is 3797 to 3897.
• See you in the Trading Room!

A.F. Thornton