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So what’s next for the market? Does the market continue its march up or stall? In the main chart I have in the header, I’ve marked ES 3980 as my line to maintain a bullish stance. If it drops below, there is a good chance we may retrace a bit probably back to the 3950 level again.
Calls are very expensive right now, so I don’t want to get into anything new today. Puts are cheaper and more tempting as we look overbought at these levels, but again until we drop below 3980, we risk moving higher and losing value in the puts. The best thing to do is wait and watch right now and perhaps wait until Monday to see how today ends and futures look on Sunday night and Monday morning.
To close out the update — On this Veterans Day, I’d like to thank and honor all of the military personnel and veterans, their families, and beyond for their honor, courage, service, and sacrifice! Thank you!
–Mark
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