In this week’s video wrap, we look some swing trade options setups and the market reaction to today’s weak non-farm payroll numbers. ES futures tanked this morning for the couple hours trading was open while trading for equities is closed. Downside targets for support in the S&P500 are covered in this week’s technical analysis video.
CRM Salesforce.com never got our entry for the bear call spread we mentioned in last week’s video but we did enter into an AAPL options play with a bear call spread this week. We also cover some swing trade setups in Oracle ORCL, Walmart WMT, Silver SLV, and Amazon AMZN.
Weekly Market Wrap Video Transcription
Hey guys! It is Friday, April 6th 2012. The markets are closed today, but in our weekly wrap, I want to go over the ES Futures. Today, these were from a couple hours and non-farm payrolls came out well below expectation. Basically, the Futures market went down slightly over 1%. And I think they were open for maybe two hours or so.
S&P500 Technical Analysis
What I’ve drawn here is a mini head and shoulders pattern. I was looking at this on the SPY. The SPY had actually made a new high so it threw this off. But basically, if you take the distance from the top of the head to the neckline and you duplicate this line to where we broke down, this is your minimum target for it to be a true head and shoulders. And that puts us at about 1350 on the ES Futures. And if you see what that coincides over here, it’s right around this level, slight chance we’d get down to 134ish. But let’s look at this on the SPY real quick.