The markets exploded higher on the China news and never looked back. There were no sellers or at least not in any volume that they were noticeable in the sharp and continuous market rally. The S&P gapped open 23 points and moved steadily higher to close with a 33-point gain. The 2,815 resistance level was left 40 points lower and the index closed at a 5-month high. The 2,866 close was just below the January 26th 2018 close at 2,872. This should be resistance and it has the potential for a head and shoulders formation. However, the sentiment has improved significantly and I would be surprised if we did not continue to test the old high at 2,930.
Stop Loss Updates
Check the graphic below for any new stop losses in bright yellow.
We need to always be prepared for an unexpected decline.
Check the graphic below for any profit stops in green.
We need to always be prepared for a profit exit at resistance.
Current Position Changes
LOW - Lowes Companies
The long position was entered at the open.
Full updates on all plays on Wednesday and Saturday. Only closed plays are updated on other days.
BULLISH Play Updates
No Updates to Current Positions
BEARISH Play Updates
No Current Puts