Stock, Option and Futures Trading
Watch the DOW right here
Going back months on this blog the weekly/monthly symmetry support was .35%. We have just came down exactly 35% off the last leg up. The 35% level is 11,632 which is the low of today. Maybe this level does not mean a whole lot or maybe it is something to keep a close eye on as a hidden level that could support the market. The fact that we have only made one leg down do it makes me a little concerned to say it is major support but it could be a key level at least for a bounce back up to the 12k area.
AAPL is sitting at the .786% which is prior support (the circle on the left). A break of this level would pound it back down to $385 which we knew was a option yesterday. We could have played both calls and puts on this one but went with only the calls.
Keep an eye on the DOW level and lets see what happens off this level. The easy short for today is most likely over and traders are thinking to short any rallies today which could produce a short squeeze at the end of the day.