Well, here we are. Both $SPY and $QQQ are stuck in a weird place -- above their 50-day moving averages, and below their 200-day moving averages.
What now?
My gut tells me some sloppy digestion will be the rule of the day for the next several weeks. Of course, I reserve the right to change my mind pending whatever Amazon says tonight when they announce earnings.
We did a quick Options Jam Session today due to technical difficulties rendering a late start. But this means I get to the point quickly about what I'm seeing and what I'm trading.
Check it out here:
Sean McLaughlin | Chief Options Strategist, All Star Charts
