Will Markets Bounce Monday, Here’s My Take

Get a leg up on your options trading right here                                                                                                                                                                                                                                                                                                                                                                                                                 August 04, 2024 | [Read Online]( Will Markets Bounce Monday, Here’s My Take Get a leg up on your options trading right here *sponsored by Tired of the login dance across multiple investment platforms? Magnifi streamlines your investment oversight, offering a consolidated view of your finances with real-time analytics. Powered by innovative AI, Magnifi is your one-stop solution for staying ahead. [Try it free for 7 days.]( Here at Market Navigator I take a lot of pride in breaking down current market conditions to help give members an edge. Each day I look at earnings, news, charts and more to help prepare myself for my morning “[Trade of the day.](” On Friday, I got asked by many members, “Do you think markets will bounce Monday and will you be looking at calls for your [trade of the day](?” Here is a little lesson on Fibonacci retracements that are starting to guide my thinking over the weekend. Take a look at this 4 month daily chart below. See how the black Fibonacci lines which start from the April lows and run to the previous highs just a few weeks ago are set. Notice the red arrow showing the $492 area low and the blue arrow up top showing the $565s high. This is how you set your Fibonacci lines, from lowest to highest points. Now, you’ll see on Friday, SPY price action came right down to, and bounced off of, the 50% retracement levels. To me, this is a great spot to start looking for a bounce in markets. Holding above the 50% retracement levels would be very bullish for me and keep this overall trend still intact. Going below this and we could see a further drop, but as of right now, the price action remains above this key $529 area. Also notice the RSI at 35 right now. Back in April we hit low 30s just for a day or two and then rallied back up. So while the RSI isn’t identical to what it was before, it’s getting pretty low and the indicator could be ready to curl up and bounce. All this being said, I will be watching to see how markets look in the morning but for right now I am leaning towards looking for a bounce Monday or Tuesday. If we do bounce, then I’ll be looking at [August 12 or 13th SPY calls for my trade of the day](. Hopefully this is a great learning tool for you. Fibonacci lines are great to use in a big market or price action drop to find possible bounce areas. Let’s see how things go and I’ll touch base with you early next week. Want to learn more about Market Navigator and my special quarterly deal right now? [Get a leg up on your options trading right here](. Cheers! Jeff Williams Market Navigator DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website, application or other service ("Services"), please review our full disclaimer located at . *Sponsored Content: If you purchase anything through a link in this email other than RagingBull services, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we will be paid in some way. We recommend that you do your own independent research before purchasing anything. 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