November 28th 2022 – Week Ahead, China Unrest
Good morning for monday. November 28th. This is spy options, traders, giving you your morning spy outlook. So this morning, We have. Some chinese unrest going on and that is causing the markets to dip pre-market. They opened up last night lower and they have remained lower as well. If we look at the pivot points for the day, QQQ is below its weekly, pivot point opening up spies right on top of it.
And the dow is above it. So once again, QQQ showing some weakness, in comparison to the rest of the market spy, about middle of the road with the dowel still pretty strong. The dowels remain very strong. Um, those industrials, but with tech on The downslope here much weaker friday as well than than spy was and the dow, particularly the Dow was particularly strong.
We have that puts spy kind of right where it was. And so we have this area of resistance around. 40250 that spy is not been able to overcome That area remains. And as per usual, there’s some economic event to kind of keep it below. So we’re not going to see a breakout above that area.
Uh, price also kind of came close to the Daily 200 in may. And that’s another turning point for spy there. So, we’re seeing prices potentially coming back to the bottom of this balance area. If we look down towards 395 and then 389 area below, that that would be the next areas of support, but the daily chart still looks very strong.
So we’ll see how the market reacts at the cash open today. In regards to all this news and see if it really thinks it’s a big deal or not for the week, we don’t have much in regards to financial data, really Um, most of the same kind of stuff, but we do have jolts.
Wednesday at 10 am and we have the adp employment change at 815 on wednesday. Uh chairman Powell is going to be speaking on wednesday as well so wednesday could be a turbulent day with those things going on. On thursday, there’s a few little pieces of economic data. Um unemployment data on friday, so nothing, two major.
But wednesdays a day to look out for this week, as far as that goes, i would say that after the long holiday weekend, we’ve got people coming back. Into the offices today trading. So, despite the lower volume for the last couple of days, really all of last week, the volume was pretty low.
We’re going to see once everybody kind of gets back in the office, if that changes On top of having the china, unrest, being publicized, if that is going to change things up today a little bit, that’s what we’re going to see. So i’m going to be watching to see if this area that spies opened up into pre-market here.
Uh, we’re currently sitting right about the below 400, right about the 3.99 50 area. We’ve got some. Support here. This is where on thursday last week or i’m excuse me wednesday last week. Price was was supported around this 399.50 area. We’ve got some support there so we’ll see if that holds but below that it’s going to be 398 and so i really am expecting 3.98 to happen today.
If it doesn’t, that’s a very bullish sign and we should be looking above 400 back towards 402 and potentially that 403 403 39. Overnight high from last week. So that’s what’s to look out for again. You guys enjoy your week, happy trading. Have a good profitable day. If you’re looking for some daily, spy analysis, more and depth like this, you can check us out at spyoptionstraders.com.