Pre-market Live and Options Picks for 03 08 21

Good morning, traders, this is Jake from Let’s get right into today’s charts. We’re going to be looking at what I see on the charts. Let’s go to SPY. We’re green. We’re up pre-market. We’re above this [00:18] resistance. It’s going to be dependent. I mean, there’s so many areas of resistance. It’s a step down. It’s so funny how they did this [00:31].

If you really look at how SPY made its way down from its highs, it got into this channel right here [00:42]. It was so calculated. It’s hard to follow it. It’s like it breaks down below all this [00:56] support. You crash. Then just all the way back up above 390. Then you’re thinking, oh, great, we’re going back up. Then no, down, right back to where, the scene of the crime. Then it again, up. They were just really messing with people these last two weeks. Then all the way down. This was Friday.

Let me see something here [01:26] all the way down. This [01:30] was last week, Friday, so we had this nice sell-off program to double bottom and then a bi-program the rest of the day. Gap down, but then we have a little bit of climbing up. We’re already .5% green, so guys just be careful today. We’re getting a lot of mixed signals. We’ve got the ten year yield. We’ve got the ten year bonds. I have no idea what that means. I really don’t care. I just trade what I see on the charts.

SPY, mostly on a bull trend. I think I made a video on this. Here’s [02:18] SPY on the all-time. Do you guys want to see something? Here’s a little education for you about long-term. We’ve got to go to monthly, maybe. Look at SPY on the monthly if we can get it to load. It’s a lot of data.

Let’s just go to Disney, which is my other stock that I’m watching today. Key levels on both SPY and Disney. Disney is unstoppable. Disney’s just got to go to 200. It already did. Look at that [03:42] on the monthly. We’re not really even overbought yet. I’m going to go to [03:49] the year-to-date on the daily time frame. Up 2.82% pre-market. Look at that [04:04]. Let’s go to the ten day.

Remember, if you’re paying attention you’re seeing how I do my pre-market analysis. Then what we’re going to do is draw some key levels areas of support, resistance. Here’s [04:28] one right away, visually speaking. I’m going to zero out my lines. That’s [04:32] right around the 85.30 area. I’m going to go out to the three months. I see this [05:00]. Let me just do that [05:04], do this [05:06]. I want it to touch. That’s pretty good right there [05:16]. Then this is the bottom of the channel, hypothetically bottom.

It could be a little bit of a fake out, but I’ll be keeping an eye on it. I’ll be watching. Look at that [05:46] after hours on Disney. It’s trying to get back above here [05:51]. If you visually look at it, you can see it was up, no, rejected, up, no, rejected. It’s like this area right through here [06:05] is the big resistance where there’s a sell wall right here [06:13] so-to-speak. If Disney can get above here [06:18] and continue, we can reclaim the 200. It’s Monday, so I’ll probably just be watching SPY and maybe take a swing trade. You can’t get good returns with weekly expirations on a Monday. SPY, on the other hand, had same-day expiration options if you remember correctly.

You have to be really patient with SPY. I just have to wait. I have to wait and see. I’ll be buying puts or calls based on some of my technical analysis. We have a lot of overhead resistance right here [07:02]. See how I was chopping around for a little bit, building a base. It broke up but couldn’t get above this [07:07] previous highs around 391, 392, 393. Then sure enough back down, below, broke through this [07:17] previous support but not by much. Double bottom test, nice buy program at the end of the day on Friday or right around lunch time till the rest of the day when I’m on the ten-minute time frame. Gap down, futures were green, and then red, and then green again, but not by much, about .10%.

I’m just going to be watching for a break of this pre-market high. We could see a little bit higher prices. I have to be careful guys. I have to be really careful because I see some resistance right in there [07:53], right there [07:56]. SPY could just go up a little bit more. It has to get above this pre-market. I’m in no rush. I’m waiting for clear, obvious buy and sell signals to trade. Pretty much, SPY is really my main focus today. Hopefully, we can have a good trade on SPY. May or may not take a swing trade later today.

That’s all I’ve got. Good luck, God bless. Thanks so much for being a member. I really do appreciate it. God bless, and I’ll see you in the Slack and on the charts. This is Jake signing off. Don’t forget to drop a comment. Leave me a comment right here in the comment box. If you want me to look at a particular stock, we can do some live training here while I’m doing these pre-market lives.

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