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MTM Options Trader Newsletter - How to Use Critical or Pivotal Prices

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markettaker.com

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Sun, May 29, 2022 10:02 PM

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This Week in the Market The losing streak is over as the major indexes were able to close higher aft

[image](=) [image] This Week in the Market The losing streak is over as the major indexes were able to close higher after seven consecutive weeks of closing lower, and they did it in very bullish fashion. Several previous resistance levels were penetrated as many major indexes and stocks closed much higher than the downward sloping trendlines that had been acting as resistance levels over the past several weeks. The question becomes, does the market have enough buyers to continue the march higher this week and beyond? The three major indexes are still below their 50-day and 200-day moving averages even with last week’s move higher. Implied volatility levels have dropped a fair amount with the CBOE Volatility Index (VIX) closing at some potential support provided by its 50-day moving average. The market and its participants will get a breather as trading takes a day off on Monday in observance of Memorial Day. The rest of the week is loaded with expected economic reports, including the latest job figures from May before the market opens on Friday. With many retailers already having released their latest numbers, quarterly earnings for this week are much slower than even last week. Have a healthy, happy and prosperous week, and enjoy some much-needed time off! May 31: Consumer Price Index Jun 1: JOLTS Jun 1: Construction Spending Jun 1: Beige Book Jun 2: Jobless Claims Jun 2: Productivity and Labor Jun 2: Factory Orders Jun 3: Unemployment [Read Our Blog]() How to Use Critical or Pivotal Prices Critical or pivotal prices are used in various ways. Some traders use them to identify support and resistance areas, entry and exit zones. They may also be used to define momentum. There are more than a few ways to determine daily pivot points. The most popular requires some basic math using the high, low and close; sometimes the open price is included in the equation. Pivot Calculation With Support/Resistance The most common way to calculate a daily pivot is to find the sum of the high, low and close of the day, and then divide by 3. From that point we can calculate a first support and first resistance level. To find first support multiply the pivot point (PP) by 2, and then subtract the high price. To find first resistance double the pivot minus the low price. For [Continue Reading ...]( MTM Watchlist Here are several trade ideas we may consider in group coaching class this holiday-shortened week: SPY – After focusing on bear calls and bear put spreads over the past couple of months, we looked at successful bull call and bull put spreads last week. With a continued bullish move, more will be examined this week as well. MMM – The stock has some nice potential resistance at the $150 level. Bear call spreads at or just above that level may be explored. However, if the market continues to climb higher, a call credit spread may not be as effective. TSLA – With the market surging higher, shares of many stocks, including TSLA, did likewise. More bull call and/or bull put spreads will likely be considered. [image] Last Chance: MTM Options Training Retreat June 2 - 4 Have you signed up yet for our Wine Country retreat? It's not too late! This is the 3-Day In-Person Training Session where you'll gain new skills and techniques, greater confidence, and a solid plan to help you be a more consistent trader. You can still join us in Sonoma for just $997! [Sign Up Now!](=) The strategies in this newsletter are for educational and informative purposes only. All information disclosed in this newsletter should not be considered complete in its entirety. Market Taker Mentoring, Inc. will not be held responsible for changes, oversights, errors or omissions. Dates, prices, news and other information may not be accurate. Please verify all information before trading. You alone are responsible for your own investment decisions. Options involve risk and are not suitable for all investors. Before trading options, please read Characteristics and Risks of Standardized Option (ODD), which can be obtained from your broker; by calling (888) OPTIONS; or from The Options Clearing Corp., 125 S. Franklin St., Suite 1200, Chicago, IL 60606. No statement in this newsletter is intended to be a recommendation or solicitation to buy or sell any security or to provide investment or trading advice. Traders and investors considering options should consult a professional tax advisor as to how taxes may affect the outcome of contemplated options transactions. Copyright Market Taker Mentoring, Inc. 2008 - 2022. All rights reserved. Reproducing or redistributing this content is a violation of federal law. [image] If you do not wish to be contacted via email, you can unsubscribe using this link: [Unsubscribe]( Unsubscribing from email notifications DOES NOT cancel your class, subscription or recurring payments. We recommend that current students do not unsubscribe from email notifications. If you unsubscribe from email notifications, you will not be notified on how to access the classes or subscriptions in which you are enrolled. Market Taker Mentoring, Inc. PO Box 117 Frankfort, Illinois 60423 United States

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