Market Needs To Test 100-Day MA Again - No Meaningful Rally Until That Happens

One Option Trading Blog http://ift.tt/2covNrr Posted 9:30 AM ET - The market is going through some nervous jitters after being trapped in a very tight range this summer. Friday the market plunged and the move was over-extended. Yesterday's bounce was also over-extended. This morning we are due for a soft open and the SPY will rest right on horizontal support ($215). September is typically a weak month. I believe we need to test the 100-day MA ($212) before we see a decent rally. We touched that level briefly before the market opened Monday and buyers immediately stepped in. The threat of a rate hike this year …