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Market analysis with Options Trading Ideas Notes – Sep 24,2020

Good Morning folks.

SPY in premarket is further heading towards Lead Span B as expected. As shown in the chart, SPY had a solid 90 degree gann square of nine move from 335 to 358.75. From there it has been going down 180 degrees to 202.5 degrees to 317 area. which is conciding with Lead SpanB.

I think. SPY will rebound from Lead SpanB. I still think there is a possibility of SPY going to 370 area by end of the year. But the movement may be sluggish until we cross the cloud up around 335 area.

TC2000 Daily SPY Chart Sep 24,2020

Today, I wanted to talk about GLD

If you look at the fibonacci line on the chart, it has gone from 168 to 194 which is around 135 degrees

168 175 182 199 196 203.

From the chart, it looks like GLD wants to give away all the gains, go below 168 to 166 area and move along with SPY to 200 area.

Regarding the picks,

Liking PTON here. It definitely wants to go to 102 area. Anything less than 94 is a good entry. It has a support at 91.17.

Wish you a profitable trading day !!!!

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