Scott Burrill - Market Notes

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Scott's notes
Scott's Market Notes

Earnings Take Center Stage

Oct 20, 2019

After weeks of volatility, last week ended balanced and well within the expected move.

We focus on the large volume nodes on the left margin and compare those with our pre-computed levels for zones of confluence. One key zone is 2942 to 2949.25 in the SP500, particularly if 3000 continues to reject.

For the week though, volatility continues to abate as evidenced by the new SP500 Weekly Option Implied Move of + / - 37 points, or 27% lower than last week. The Upper and Lower Bounds are 3023.70 and 2948.70, respectively.

The bias is complacently up, as is the Weekly Trend.

With Earnings Season in full bloom and Implied Correlation focusing our attention on individual issues, catalysts, apart from the usual suspects like Tweets, Trade, and Impeachment, will be binary and security specific.

Updated Levels.

 

Have a great week.

All the best,

Scott

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