Planning for next week; here is a preview of upcoming economic news.
If the market cooperates, we may consider entering an SPX Weekly Iron Condor for the September 23 cycle on Friday. For planning purposes, a synopsis of next week's economic news is below:
10:00 am Housing Market Index
FOMC Meeting Begins
8:30 am Housing Starts
10:30 am EIA Petroleum Status Report
2:00 pm FOMC Meeting Announcement
2:30 pm Fed Chair Janet Yellen Press Conference
8:30 am Jobless Claims
10:00 am Existing Home Sales
9:45 am PMI Manufacturing Index
A major consideration for the weekly trade entry is the upcoming FOMC meeting next week, and the announcement Wednesday afternoon. If history prevails, the market makers may hold back theta early next week because of the meeting, which may make it more challenging to reach our target before Wednesday. Because of this, we may decide to sit on the sidelines for a weekly entry until after FOMC. I will publish an update on Friday morning regarding entry plans.
As always, stay keen on your risk management and trade carefully,