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Market analysis with Options Trading Ideas Notes – Sep 25,2020

Good Morning folks.

SPY continued to be sluggish yesterday and is in the cloud. SPY was in the range 319.80 to 326.80 and was close to hitting Lead Span B but did not touch. Hopefully, we get a rebound tomorrow morning in SPY touching Lead span B. In the premarket, we see SPY around 323. 180 degree retracement of SPY from high of 358.75 is 322 and another 22.5 will be another 4.5. So, SPY can go up to 317.5.

GLD is 3rd day below the cloud and may get to the 167 area very soon. It is definitely bearish being under the cloud

Overall, we may see the market going down today to reach the levels mentioned above. As I mentioned yesterday, I am still bullish on SPY for the year end to 370 area. Charts have not changed much from yesterday. For more analysis, please refer to yesterday market update

Regarding the picks,

I am still bullish on PTON. It retraced 90 degrees from a high of 100.44 and wants to go back to 105 area. The good thing is yesterday it rebounded of MA 10 and Conversion line.

C2000 Daily PTON Chart Sep 25,2020

TSLA seems to be unique. TSLA is giving a mixed signals on the daily chart. Conversion is below the base line However, MA 10 is still above MA 20. Also, TSLA broke out of the flat line at 380.24 and is hovering around 393 area in the premarket

C2000 Daily TSLA Chart Sep 25,2020

On the weekly chart, it seems to be extremely bullish as per ichimoku. It fell 2 weeks and is in the second week on rise and wants to go to 112.5 area which is around 532 ( as it coincides with Gann square of nine resistance of 529). Ideally, since it fell 2 weeks, would have expected TSLA to reach 87.5 at the end of 2nd week rising to 87.5 % retracement which is around 476 area. Will TSLA make a big move today? The odds are little as SPY is moving downwards but there is a good possibility of making it in tbe beginning of next week.

C2000 Weekly TSLA Chart Sep 25,2020

Wish you a profitable trading day !!!!

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