How Overnight Price Action Affects SPY Trading Intraday

I wanted to make this video to discuss the overnight all time high I’ve been bringing up in the group for weeks now. Last year, we had a different scenario where overnight prices were left untested, and the market eventually did test them (and dramatically so). How do we use this piece of market information to trade? That’s what I discuss.

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SPY Options Traders Market Recap | Oct 7 2019

Market going to new highs? I’ll show you what’s going on and how to read it.

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This market is sorta nuts right now with SPY and /ES SPX bouncing out of a bear trap below a key trend line.

Does this mean we’re going back to new ATH’s? I don’t think so. In fact, after the bear trap was released I see this as a bull trap being laid. Lots of signals are telling us this is a short term technical bounce.

Don’t take my word for it, look at the mechanics and if you disagree please comment!