Consistent income with long term option trades.

The MARKet Update – 10/20/22

Good morning O$ traders!

As you can see on the above chart, we are stuck back between the trendlines of around 3680 for demand/support and 3730 for supply/resistance.  For a while pre-market, it looked like it may break through the yellow line of resistance and take us back above the levels we had the past two days.  However, news came out about unemployment and the market did not like that the actual was 214k whereas it was forecast 231.5k.  Another situation where in any economy you would want its citizens employed and working, but the market wants high unemployment and people out of work so the FED can stop raising rates.

As long as 3680 holds today that shows a good solid base is accumulating there and we can push upward again.

Also, TSLA gapped down after the market closed yesterday and I’ll be looking to enter calls depending on its action today and where it can find support.