One Option Trading Blog http://ift.tt/2nwFxpp Posted 9:00 AM ET - Yesterday the S&P 500 gapped lower on the open and it was down more than 20 points. The low the day was established in the first 10 minutes of trading and stocks gradually work their way back the entire day. This reversal was bullish and it was a sign that buyers are still engaged. The SPY closed above the 50-day moving average ($233) and we can lean on that support level. Stocks will test the bid early this morning. If the market bounces immediately we can trade from the long side with confidence. Use SPY $233 …
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