DailyPlay Market Outlook – Oct 10th, 2019

S&P 500 Market Outlook: Bearish

As markets have deteriorated on escalating trend tensions and a global economic slowdown. We currently still hold a cautiously bullish stance on the markets as SPY attempts to test $295 as resistance. With major catalysts over the next couple of weeks and earning season, we see a pickup of volatility and plenty of opportunities for trade entries. We are taking a pause today for entering new positions to see how markets respond to the major resistance.

Price Action:

After breaking below a key $295 support level, markets have rebounded to retest as resistance now. If markets cannot break back above this major resistance level, we will shift our stance to be more bearish and seek more shorting opportunities. View DailyPlay Trades

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Upcoming Event:

Discounted Stock Purchase w/ Cash Secured Puts– Oct 10/10 @ 4:15PM EST – Register Now