Stocks are bouncing back strong after Thursday’s market meltdown…
But while the market has a 75% chance of going up today, we don’t know how much, and how long it will last moving forward — it could easily give it back up early next week. So please be patient!
The level to watch for the S&P 500 (SPY) is $577. Once we’re above that level, the better things will be, but we just don’t know what will happen.
It was a good sign that the SPY held the 50-day moving average Thursday. If we break it, odds are very strong we could fall to the 100-day.
But I don’t see that right now.
Gold is at the eight-day EMA, which is the green light to initiate new longs if you don’t have any already. If you want to wait till it reaches $2,768, the overnight high, that would be even better.
Crude oil also started moving higher overnight…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. Two Options Plays for the ‘Halloween Effect’
Nov. 1 isn’t just another day on the calendar…
Since 2022, it’s kicked off what the market folks are calling the “Halloween Effect,” marking the start of prime time for stock market gains.
Over the past five decades, from November to late April, the market has shown its most significant muscle.
Now, if history’s got anything to teach us, we might be on the cusp of another bull run.
Cool, right?
That’s why today at 1 p.m. ET today, Nov. 1, I’m teaming up with Jeffry Turnmire for a LIVE session where we’ll spill the beans on the top long and short options plays you should watch to capitalize on the “Halloween Effect.”
And the best part? It’s all on the house!
Remember, while we’re sharing strategies, there’s no magic wand for market returns so we can’t guarantee wins or prevent losses.
But with the trends we’re seeing, from today right through to the spring, there could be some real gems waiting for you.
There Could Be Some Real Gems Waiting
Head over to my free Telegram channel right now, and I’ll drop the login details for our chat today before we go live!
