Come on in my trading office and let me walk you through our latest option setup in the gold mining ETF. We use Elliott Wave and Fibonacci analysis to pinpoint the exact support and resistance levels for this trade setup.
I'm not sure if that if that popping sound is only in my head or happening in the markets? Is the S&P 500 about to pop following Brexit or will it be Fed-induced liquidity rallies as usual? We are long the S&P 500 via a put option spread but will exit at the first sign of failure. Also, the bond market ETF TLT has pulled back to support.
Doing some tape reading today we notice a clear theme of energy, material, and metals leading us higher, but what's happening with tech and consumer discretionary? We then dive into the Elliott Wave and Fibonacci analysis of the S&P, which further suggests it might be time to move.